Onto Innovation Inc. (NYSE:ONTO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Onto Innovation Inc. (NYSE:ONTO) have earned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $254.29.

ONTO has been the topic of several recent analyst reports. Jefferies Financial Group reduced their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Oppenheimer boosted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC cut their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st.

Onto Innovation Stock Up 2.1 %

NYSE:ONTO opened at $170.55 on Tuesday. The firm has a 50-day moving average price of $182.41 and a 200 day moving average price of $198.04. The firm has a market capitalization of $8.42 billion, a PE ratio of 46.22, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30. Onto Innovation has a 12-month low of $134.11 and a 12-month high of $238.93.

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

Institutional Trading of Onto Innovation

Several hedge funds have recently modified their holdings of ONTO. Vaughan Nelson Investment Management L.P. boosted its position in Onto Innovation by 24.6% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after buying an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after acquiring an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado increased its position in Onto Innovation by 45.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after purchasing an additional 33,025 shares during the period. Cerity Partners LLC raised its holdings in Onto Innovation by 287.0% during the 3rd quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company’s stock worth $968,000 after purchasing an additional 3,458 shares during the last quarter. Finally, Swedbank AB lifted its position in Onto Innovation by 372.7% during the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company’s stock valued at $13,701,000 after purchasing an additional 49,200 shares during the period. 98.35% of the stock is owned by institutional investors.

About Onto Innovation

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.