Onto Innovation (NYSE:ONTO) Stock Rating Lowered by Zacks Research

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

A number of other equities analysts have also recently issued reports on the company. Evercore reissued an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a report on Friday, April 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $350.00 price target on shares of Onto Innovation in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft began coverage on Onto Innovation in a research report on Friday, June 5th. They issued a “buy” rating and a $350.00 price target on the stock. Needham & Company LLC lifted their price objective on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $320.60.

Onto Innovation Stock Performance

Shares of Onto Innovation stock opened at $316.49 on Monday. The firm has a market cap 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 firm’s 50-day simple moving average is $274.99 and its 200-day simple moving average is $221.01. Onto Innovation has a twelve month low of $89.40 and a twelve month high of $348.76.

Onto Innovation (NYSE:ONTO) last posted its quarterly 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 firm had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 earnings per share. On average, equities analysts forecast that Onto Innovation will post 7.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently bought and sold shares of the business. NewEdge Advisors LLC boosted its stake in Onto Innovation by 312.5% in the first quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock worth $500,000 after purchasing an additional 3,122 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Onto Innovation by 76.4% during the first quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock worth $58,517,000 after purchasing an additional 208,907 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Onto Innovation by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock valued at $19,810,000 after buying an additional 13,175 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Onto Innovation by 6.3% in the second quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock valued at $405,000 after buying an additional 238 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Onto Innovation by 182.4% in the second quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock valued at $666,000 after buying an additional 4,283 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

About Onto Innovation

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.