Onto Innovation (NYSE:ONTO) Stock Price Up 8.6% – Here’s Why
by Tristan Rich · The Markets DailyOnto Innovation Inc. (NYSE:ONTO – Get Free Report) shares were up 8.6% on Thursday . The stock traded as high as $353.18 and last traded at $350.08. Approximately 855,788 shares traded hands during trading, a decline of 16% from the average session volume of 1,015,419 shares. The stock had previously closed at $322.24.
Wall Street Analysts Forecast Growth
ONTO has been the subject of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating and set a $350.00 price objective on shares of Onto Innovation in a report on Wednesday, May 6th. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Freedom Capital upgraded shares of Onto Innovation to a “strong-buy” rating in a research note on Wednesday, June 17th. Morgan Stanley initiated coverage on shares of Onto Innovation in a report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price target on the stock. Finally, Evercore reissued an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus target price of $328.60.
Read Our Latest Stock Report on ONTO
Onto Innovation Stock Performance
The company has a market capitalization of $16.11 billion, a PE ratio of 151.30, a PEG ratio of 1.41 and a beta of 1.62. The stock’s 50 day moving average is $288.60 and its 200 day moving average is $230.53.
Onto Innovation (NYSE:ONTO – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same period last year, the firm earned $1.51 EPS. Onto Innovation’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities research analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.
Institutional Trading of Onto Innovation
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC boosted its stake in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares during the period. Transamerica Financial Advisors LLC increased its position in shares of Onto Innovation by 188.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 115 shares during the period. Millstone Evans Group LLC increased its position in shares of Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 99 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after buying an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Onto Innovation in the fourth quarter worth about $39,000. 98.35% of the stock is currently owned by institutional investors.
About Onto Innovation
Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.
Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.