Oppenheimer Reaffirms “Outperform” Rating for Onto Innovation (NYSE:ONTO)

Onto Innovation (NYSE:ONTO)‘s stock had its “outperform” rating reiterated by equities researchers at Oppenheimer in a research note issued on Tuesday,Benzinga reports. They currently have a $275.00 target price on the semiconductor company’s stock. Oppenheimer’s price objective suggests a potential upside of 60.36% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC dropped their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Finally, Jefferies Financial Group cut their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Price Performance

Shares of NYSE:ONTO traded up $0.94 during trading on Tuesday, reaching $171.49. The company had a trading volume of 121,633 shares, compared to its average volume of 594,088. Onto Innovation has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The stock’s fifty day moving average price is $182.41 and its 200 day moving average price is $198.04. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 46.40, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 EPS. On average, equities analysts anticipate that Onto Innovation will post 5.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently added to or reduced their stakes in the business. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. LGT Financial Advisors LLC lifted its holdings in Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 90 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares during the last quarter. Finally, Eastern Bank purchased a new stake in shares of Onto Innovation during the third quarter worth about $65,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.