Onto Innovation (NYSE:ONTO) Given New $190.00 Price Target at Benchmark

Onto Innovation (NYSE:ONTO) had its price target cut by Benchmark from $230.00 to $190.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other analysts have also recently weighed in on ONTO. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Jefferies Financial Group decreased their target price on Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Needham & Company LLC cut their target price on Onto Innovation from $230.00 to $150.00 and set a “buy” rating on the stock in a research report on Friday. Stifel Nicolaus decreased their price target on Onto Innovation from $200.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $135.00 price objective (down previously from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $186.25.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $88.50 on Friday. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.89 and a beta of 1.55. Onto Innovation has a 12 month low of $85.88 and a 12 month high of $238.93. The stock’s 50 day moving average price is $124.11 and its 200 day moving average price is $160.08.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same quarter in the previous year, the business earned $1.18 EPS. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, sell-side analysts expect that Onto Innovation will post 6.26 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Onto Innovation during the fourth quarter worth approximately $87,987,000. Artisan Partners Limited Partnership boosted its stake in shares of Onto Innovation by 41.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock valued at $252,530,000 after buying an additional 444,860 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Onto Innovation by 48.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,291,415 shares of the semiconductor company’s stock valued at $156,700,000 after acquiring an additional 421,165 shares in the last quarter. Invesco Ltd. increased its stake in shares of Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company’s stock worth $234,344,000 after acquiring an additional 356,161 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company’s stock worth $258,883,000 after acquiring an additional 271,470 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Company Profile

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.