Brokerages Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $261.67

Onto Innovation Inc. (NYSE:ONTO) has been given a consensus recommendation of “Buy” by the seven brokerages that are presently covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $261.67.

Several analysts have recently issued reports on ONTO shares. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Stifel Nicolaus raised their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. Finally, Oppenheimer lifted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st.

Onto Innovation Trading Up 0.7 %

NYSE:ONTO opened at $204.39 on Monday. The business’s 50-day moving average is $203.78 and its 200 day moving average is $206.23. Onto Innovation has a 12 month low of $108.98 and a 12 month high of $238.93. The company has a market capitalization of $10.07 billion, a P/E ratio of 72.74, a P/E/G ratio of 1.32 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. The firm had revenue of $242.33 million during the quarter, compared to the consensus estimate of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 EPS. On average, research analysts forecast that Onto Innovation will post 5.18 earnings per share for the current year.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently bought and sold shares of ONTO. Vaughan Nelson Investment Management L.P. increased its stake in shares of Onto Innovation by 24.6% during the second 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 period. Envestnet Portfolio Solutions Inc. increased its position in Onto Innovation by 98.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares during the period. Nordea Investment Management AB raised its holdings in shares of Onto Innovation by 17.8% in the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after purchasing an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in shares of Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after purchasing an additional 33,025 shares in the last quarter. Finally, Norden Group LLC purchased a new position in Onto Innovation during the first quarter valued at approximately $654,000. 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.