Onto Innovation (NYSE:ONTO) Hits New 12-Month High – What’s Next?

Onto Innovation Inc. (NYSE:ONTO)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $319.00 and last traded at $319.0750, with a volume of 435825 shares. The stock had previously closed at $303.53.

Analysts Set New Price Targets

Several research analysts recently weighed in on ONTO shares. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. Evercore restated an “outperform” rating and issued a $315.00 price objective on shares of Onto Innovation in a research note on Friday, April 17th. Oppenheimer reaffirmed an “outperform” rating on shares of Onto Innovation in a report on Monday, June 1st. Finally, Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $315.00.

Onto Innovation Price Performance

The company has a market cap of $15.99 billion, a P/E ratio of 149.79, a P/E/G ratio of 1.10 and a beta of 1.62. The company’s 50-day moving average is $268.32 and its two-hundred day moving average is $217.03.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results 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 business had revenue of $291.95 million for the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter in the previous year, the company earned $1.51 EPS. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities research analysts anticipate that Onto Innovation Inc. will post 7.11 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ONTO. Root Financial Partners LLC grew its stake in Onto Innovation by 71.2% during the fourth 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 lifted its position in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares in the last quarter. Millstone Evans Group LLC increased its holdings in Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake 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 during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Onto Innovation in the 4th quarter worth about $39,000. 98.35% of the stock is owned by hedge funds and other 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.