Onto Innovation (NYSE:ONTO) Shares Up 5.1% – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) traded up 5.1% on Thursday . The stock traded as high as $215.11 and last traded at $215.11. 192,480 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 678,898 shares. The stock had previously closed at $204.67.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Benchmark restated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Needham & Company LLC decreased their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Jefferies Financial Group reduced their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Cantor Fitzgerald assumed coverage on Onto Innovation in a report on Monday. They issued an “overweight” rating and a $250.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $253.75.

Onto Innovation Price Performance

The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of 58.48, a P/E/G ratio of 0.98 and a beta of 1.29. The stock has a fifty day simple moving average of $171.96 and a 200-day simple moving average of $191.96.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the business earned $0.96 earnings per share. As a group, equities analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

A number of large investors have recently bought and sold shares of ONTO. Quarry LP increased its position in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 197 shares during the period. Eastern Bank acquired a new position in shares of Onto Innovation during the 3rd quarter worth about $65,000. Finally, UMB Bank n.a. lifted its stake in Onto Innovation by 62.0% in the 3rd quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock valued at $67,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.