Onto Innovation (NYSE:ONTO) Hits New 12-Month High on Analyst Upgrade

Onto Innovation Inc. (NYSE:ONTO)’s stock price hit a new 52-week high during trading on Monday after Oppenheimer raised their price target on the stock from $370.00 to $450.00. Oppenheimer currently has an outperform rating on the stock. Onto Innovation traded as high as $349.38 and last traded at $348.7790, with a volume of 1231698 shares trading hands. The stock had previously closed at $333.76.

Several other analysts also recently issued reports on ONTO. Jefferies Financial Group reissued a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Morgan Stanley started coverage on Onto Innovation in a research report on Sunday, June 14th. They set an “overweight” rating and a $371.00 price objective for the company. Cantor Fitzgerald lifted their target price on shares of Onto Innovation from $275.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $328.60.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently made changes to their positions in ONTO. Millstone Evans Group LLC increased its position in Onto Innovation by 147.8% in the 1st 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 period. Transamerica Financial Advisors LLC grew its position in Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares during the last quarter. Root Financial Partners LLC increased its holdings in shares of 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 purchasing an additional 74 shares during the period. CIBC Private Wealth Group LLC raised its position in shares of Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after buying 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 approximately $39,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Trading Up 4.5%

The business’s fifty day moving average price is $281.10 and its 200 day moving average price is $224.95. The company has a market capitalization of $17.35 billion, a P/E ratio of 162.98, a P/E/G ratio of 1.36 and a beta of 1.63.

Onto Innovation (NYSE:ONTO) last posted its 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 return on equity of 11.68% and a net margin of 10.32%.The business had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same quarter last year, the company earned $1.51 EPS. Onto Innovation’s revenue was up 9.5% on a year-over-year basis. Equities research analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current year.

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.