Onto Innovation (NYSE:ONTO) Stock Gets Price Target Trim from Jefferies Financial Group

Onto Innovation (NYSE:ONTO) had its target price lowered by Jefferies Financial Group from $400.00 to $350.00 in a research note published on Tuesday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the semiconductor company’s stock.

Other analysts also recently issued reports about the stock. Morgan Stanley dropped their target price on shares of Onto Innovation from $360.00 to $325.00 and set an “overweight” rating on the stock in a report on Tuesday. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. B. Riley Financial cut their target price on Onto Innovation from $340.00 to $285.00 and set a “buy” rating on the stock in a research note on Monday. Evercore reaffirmed an “outperform” rating and set a $390.00 price target on shares of Onto Innovation in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Onto Innovation has an average rating of “Buy” and a consensus target price of $352.08.

Onto Innovation Stock Performance

Onto Innovation stock opened at $209.85 on Tuesday. The company has a market cap of $10.30 billion, a PE ratio of 30.50, a PEG ratio of 0.63 and a beta of 1.66. The company has a current ratio of 6.78, a quick ratio of 8.33 and a debt-to-equity ratio of 0.74. Onto Innovation has a 1 year low of $121.57 and a 1 year high of $386.46. The company’s 50-day moving average is $249.02 and its two-hundred day moving average is $259.15.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Monday, November 9th. The semiconductor company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.14. Onto Innovation had a net margin of 11.53% and a return on equity of 17.18%. The firm had revenue of $409.75 million for the quarter, compared to analysts’ expectations of $392.06 million. During the same period last year, the firm earned $0.92 earnings per share. The business’s revenue for the quarter was up 87.8% on a year-over-year basis. Equities analysts anticipate that Onto Innovation will post 8.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the transaction, the director owned 10,692 shares in the company, valued at $3,207,600. This trade represents a 15.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan Lynch sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the completion of the transaction, the director owned 2,684 shares of the company’s stock, valued at approximately $811,373.20. This trade represents a 27.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Onto Innovation

Institutional investors have recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Onto Innovation during the second quarter worth $6,377,000. Ausbil Investment Management Ltd acquired a new position in Onto Innovation in the third quarter valued at $1,444,000. Cetera Investment Advisers boosted its position in Onto Innovation by 15.6% during the first quarter. Cetera Investment Advisers now owns 13,266 shares of the semiconductor company’s stock valued at $2,720,000 after acquiring an additional 1,793 shares during the last quarter. BOKF NA bought a new stake in Onto Innovation during the third quarter valued at $1,758,000. Finally, Entropy Technologies LP acquired a new stake in Onto Innovation during the 1st quarter worth about $2,877,000. 98.35% of the stock is currently owned by institutional investors.

Latest Onto Innovation News

Here’s some of the latest news about ONTO:

• Positive Sentiment: Profitability indicators also strengthened: Q3 gross margin was reported at 57.6%, while operating cash flow reached $79 million, supported by demand and improving margins. Article: Onto Innovation’s 57.6% Gross Margin
• Neutral Sentiment: Some analysts remain positive but have reduced their price targets: RBC lowered its target to $350 from $400 while keeping an Outperform rating, and Freedom Broker cut its target to $325 while retaining Buy. Evercore initiated coverage with a Strong Buy rating. Article: RBC Cuts Price Target
• Negative Sentiment: Cash generation is mixed: Q3 operating cash flow improved, but lower cash flow over the first nine months raises questions about how sustainable the improvement is. Additional target cuts and a pessimistic forecast may also weigh on sentiment. Article: Onto Innovation’s Q3 Cash Flow Hits $79M

About Onto Innovation

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects. The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.