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 mid-day 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 traded. The stock had previously closed at $333.76.

Several other analysts also recently weighed in on the company. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Morgan Stanley initiated coverage on Onto Innovation in a research report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price on the stock. Evercore reiterated an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a research note on Friday, April 17th. Jefferies Financial Group reissued a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th. Finally, Cantor Fitzgerald lifted their price target on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $328.60.

Hedge Funds Weigh In On Onto Innovation

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in shares of Onto Innovation by 16.5% in the first quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock valued at $81,000 after buying an additional 56 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Onto Innovation by 4.9% in the 1st quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 64 shares during the last quarter. Root Financial Partners LLC grew its holdings in shares of Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 74 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after purchasing an additional 92 shares during the period. Finally, Millstone Evans Group LLC lifted its holdings in shares of Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Trading Up 4.5%

The stock has a 50-day moving average of $281.10 and a two-hundred day moving average of $224.95. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 162.98, a price-to-earnings-growth ratio of 1.36 and a beta of 1.63.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same period in the prior year, the firm earned $1.51 earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. Sell-side analysts expect that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

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.