Onto Innovation (NYSE:ONTO) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Onto Innovation (NYSE:ONTO) in a research note released on Monday, MarketBeat reports. The firm issued an overweight rating and a $250.00 price target on the semiconductor company’s stock. Cantor Fitzgerald also issued estimates for Onto Innovation’s FY2024 earnings at $5.24 EPS.

Other research analysts have also recently issued research reports about the company. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Jefferies Financial Group cut their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Needham & Company LLC cut their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $253.75.

Onto Innovation Stock Up 1.6 %

Shares of NYSE:ONTO opened at $205.36 on Monday. The company has a market cap of $10.14 billion, a P/E ratio of 55.65, a P/E/G ratio of 1.07 and a beta of 1.29. The business has a fifty day simple moving average of $171.96 and a 200-day simple moving average of $191.96. Onto Innovation has a 52 week low of $141.79 and a 52 week high of $238.93.

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

Hedge Funds Weigh In On Onto Innovation

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its position in Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Congress Asset Management Co. lifted its stake in Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after buying an additional 295,869 shares during the last quarter. Citigroup Inc. lifted its stake in Onto Innovation by 811.7% in the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock valued at $66,236,000 after buying an additional 284,115 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Onto Innovation by 12.9% during the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock valued at $416,863,000 after acquiring an additional 228,800 shares during the period. Finally, Barclays PLC grew its position in shares of Onto Innovation by 1,296.7% during the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after acquiring an additional 201,640 shares during the last quarter. 98.35% of the stock is owned by 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.