Onto Innovation (NYSE:ONTO) Shares Gap Up – Should You Buy?

Onto Innovation Inc. (NYSE:ONTO)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $268.99, but opened at $290.00. Onto Innovation shares last traded at $288.8550, with a volume of 212,094 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ONTO. Cantor Fitzgerald lifted their price target 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Onto Innovation in a research note on Friday, June 5th. They issued a “buy” rating and a $350.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a research note on Wednesday, May 6th. Needham & Company LLC increased their price objective on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Evercore reissued an “outperform” rating and issued a $315.00 price objective on shares of Onto Innovation in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $315.00.

Onto Innovation Price Performance

The firm has a 50 day simple moving average of $266.37 and a 200-day simple moving average of $215.79. The company has a market cap of $13.47 billion, a price-to-earnings ratio of 126.50, a PEG ratio of 1.12 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last posted its earnings results 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 company had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 earnings per share. Research analysts anticipate that Onto Innovation Inc. will post 7.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Root Financial Partners LLC lifted 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 purchasing an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC lifted its stake in Onto Innovation by 188.5% during 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 lifted its stake in Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 99 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Onto Innovation during the fourth quarter worth $39,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.