Onto Innovation (NYSE:ONTO) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Onto Innovation (NYSE:ONTO) from a buy rating to a hold rating in a research note released on Saturday morning.

A number of other equities analysts have also commented on ONTO. Morgan Stanley assumed coverage on shares of Onto Innovation in a report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price target on the stock. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Freedom Capital upgraded shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Onto Innovation in a research note on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a research note on Friday, June 5th. They issued a “buy” rating and a $350.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Trading Up 2.9%

Shares of NYSE ONTO opened at $257.81 on Friday. Onto Innovation has a 12 month low of $89.40 and a 12 month high of $386.46. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of 120.47, a PEG ratio of 1.06 and a beta of 1.55. The business has a 50-day moving average of $295.17 and a 200-day moving average of $253.36.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. Onto Innovation’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.51 earnings per share. On average, analysts predict that Onto Innovation will post 7.14 earnings per share for the current year.

Institutional Trading of Onto Innovation

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after purchasing an additional 1,292,772 shares during the last quarter. Norges Bank bought a new position in shares of Onto Innovation in the fourth quarter worth approximately $104,938,000. Jennison Associates LLC grew its holdings in shares of Onto Innovation by 1,293.5% in the fourth quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock worth $107,475,000 after purchasing an additional 631,965 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Onto Innovation by 315.8% in the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after purchasing an additional 467,587 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Onto Innovation by 88.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock worth $151,689,000 after buying an additional 451,084 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.