Onto Innovation (NYSE:ONTO) Reaches New 12-Month High – Here’s Why

Onto Innovation Inc. (NYSE:ONTO) hit a new 52-week high on Wednesday . The stock traded as high as $229.87 and last traded at $219.8110, with a volume of 181471 shares changing hands. The stock had previously closed at $217.71.

Analyst Ratings Changes

A number of research firms recently commented on ONTO. Zacks Research raised Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Cantor Fitzgerald reissued a “neutral” rating and issued a $170.00 target price on shares of Onto Innovation in a report on Tuesday, December 16th. Evercore upped their price target on shares of Onto Innovation from $115.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Onto Innovation in a research note on Thursday, January 22nd. Finally, Needham & Company LLC boosted their price objective on shares of Onto Innovation from $200.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Onto Innovation has an average rating of “Moderate Buy” and a consensus price target of $193.75.

Onto Innovation Trading Up 1.1%

The business has a 50-day moving average of $185.27 and a two-hundred day moving average of $144.42. The firm has a market cap of $10.63 billion, a P/E ratio of 61.30, a price-to-earnings-growth ratio of 1.23 and a beta of 1.50.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its stake 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 valued at $186,000 after acquiring an additional 92 shares during the last quarter. Bridgefront Capital LLC acquired a new stake in Onto Innovation in the fourth quarter valued at $516,000. Jacobs Levy Equity Management Inc. acquired a new stake in Onto Innovation in the fourth quarter valued at $3,190,000. Channing Capital Management LLC lifted its holdings in Onto Innovation by 299.1% during the 4th quarter. Channing Capital Management LLC now owns 518,882 shares of the semiconductor company’s stock worth $81,911,000 after buying an additional 388,883 shares during the period. Finally, Integrated Wealth Concepts LLC grew its position in shares of Onto Innovation by 1,364.4% in the 4th quarter. Integrated Wealth Concepts LLC now owns 27,414 shares of the semiconductor company’s stock valued at $4,328,000 after buying an additional 25,542 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.