Onto Innovation Inc. (NYSE:ONTO) Receives $253.75 Average Price Target from Brokerages

Onto Innovation Inc. (NYSE:ONTO) has been assigned an average recommendation of “Buy” from the eight analysts that are covering the stock, Marketbeat reports. Eight investment analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $253.75.

ONTO has been the topic of a number of research analyst reports. Needham & Company LLC dropped their price target 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. 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 report on Friday, November 1st. Oppenheimer reiterated an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a research note on Tuesday, December 17th. Benchmark reaffirmed a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Cantor Fitzgerald initiated coverage on shares of Onto Innovation in a report on Monday, January 13th. They issued an “overweight” rating and a $250.00 price objective for the company.

Onto Innovation Stock Down 0.1 %

ONTO stock opened at $205.07 on Wednesday. The company has a market cap of $10.13 billion, a PE ratio of 55.57, a price-to-earnings-growth ratio of 0.99 and a beta of 1.29. The business’s 50-day simple moving average is $182.12 and its 200 day simple moving average is $190.22. Onto Innovation has a twelve month low of $145.15 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million for 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%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. On average, equities research analysts anticipate that Onto Innovation will post 5.22 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 827 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael P. Plisinski sold 35,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the transaction, the chief executive officer now owns 150,492 shares of the company’s stock, valued at $32,986,341.48. The trade was a 18.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock valued at $18,182,185 over the last ninety days. 0.72% of the stock is currently owned by insiders.

Institutional Trading of Onto Innovation

A number of institutional investors have recently modified their holdings of the company. Kestra Investment Management LLC bought a new stake in Onto Innovation in the fourth quarter valued at $26,000. Peregrine Capital Management LLC boosted its stake in shares of Onto Innovation by 1.7% during the 4th quarter. Peregrine Capital Management LLC now owns 41,044 shares of the semiconductor company’s stock valued at $6,841,000 after purchasing an additional 685 shares in the last quarter. Empower Advisory Group LLC purchased a new position in shares of Onto Innovation during the fourth quarter valued at about $907,000. Truist Financial Corp raised its stake in Onto Innovation by 35.6% in the fourth quarter. Truist Financial Corp now owns 1,605 shares of the semiconductor company’s stock worth $268,000 after buying an additional 421 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Onto Innovation by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company’s stock worth $256,000 after buying an additional 81 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.