Onto Innovation (NYSE:ONTO) Trading Up 8.6% – Here’s Why

Onto Innovation Inc. (NYSE:ONTO) shares were up 8.6% on Thursday . The company traded as high as $353.18 and last traded at $350.08. 855,788 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 1,015,419 shares. The stock had previously closed at $322.24.

Analysts Set New Price Targets

A number of analysts have recently commented on ONTO shares. Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a report on Friday, June 5th. They set a “buy” rating and a $350.00 price objective for the company. Needham & Company LLC lifted 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. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a “buy” rating in a research note on Friday, April 17th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, B. Riley Financial lifted their price objective on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Onto Innovation currently has an average rating of “Moderate Buy” and an average target price of $328.60.

Onto Innovation Trading Up 6.7%

The firm has a market cap of $17.10 billion, a PE ratio of 160.48, a P/E/G ratio of 1.29 and a beta of 1.62. The stock’s 50 day moving average price is $285.65 and its 200 day moving average price is $228.56.

Onto Innovation (NYSE:ONTO) last announced its quarterly 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 firm had revenue of $291.95 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $1.51 EPS. Analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of ONTO. Root Financial Partners LLC boosted its holdings in 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 period. Transamerica Financial Advisors LLC lifted its position in shares of 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 position 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 worth $34,000 after purchasing an additional 99 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Onto Innovation by 109.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $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 in the 4th quarter worth $39,000. 98.35% of the stock is owned by institutional investors and hedge funds.

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.