Onto Innovation (NYSE:ONTO) Downgraded to Hold Rating by Zacks Research

Onto Innovation (NYSE:ONTO) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Needham & Company LLC raised their target price on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a report on Friday, April 17th. Finally, Morgan Stanley assumed coverage on Onto Innovation in a report on Sunday. They issued an “overweight” rating and a $371.00 price objective for the company. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $320.60.

Onto Innovation Price Performance

ONTO opened at $316.49 on Monday. The stock has a market capitalization of $15.74 billion, a P/E ratio of 147.89, a price-to-earnings-growth ratio of 1.38 and a beta of 1.62. The company’s 50 day simple moving average is $274.99 and its 200-day simple moving average is $221.01. Onto Innovation has a one year low of $89.40 and a one year high of $348.76.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.51 EPS. As a group, analysts anticipate that Onto Innovation will post 7.11 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC raised its stake in Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares during the period. Transamerica Financial Advisors LLC grew its stake in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 115 shares during the period. Millstone Evans Group LLC grew its stake in Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the period. CIBC Private Wealth Group LLC increased 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 acquiring an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Onto Innovation in the fourth quarter worth about $39,000. 98.35% of the stock is owned by institutional investors.

Onto Innovation Company Profile

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.