Zacks Research Upgrades Onto Innovation (NYSE:ONTO) to “Strong-Buy”

Onto Innovation (NYSE:ONTO) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports. Zacks Research also issued estimates for Onto Innovation’s FY2028 earnings at $9.44 EPS.

Several other equities research analysts have also recently issued reports on ONTO. Oppenheimer lifted their price objective on Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Needham & Company LLC increased their target price on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. B. Riley Financial raised their target price on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Finally, Evercore reiterated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a research report on Friday, April 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Onto Innovation currently has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Stock Performance

NYSE:ONTO opened at $305.02 on Tuesday. The company has a fifty day moving average of $295.44 and a two-hundred day moving average of $245.67. The stock has a market capitalization of $15.17 billion, a PE ratio of 142.54, a P/E/G ratio of 1.30 and a beta of 1.55. Onto Innovation has a fifty-two week low of $89.40 and a fifty-two week high of $386.46.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million for 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 revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 earnings per share. Research analysts forecast that Onto Innovation will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

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

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.