Onto Innovation (NYSE:ONTO) Price Target Raised to $450.00 at Oppenheimer

Onto Innovation (NYSE:ONTO) had its price objective boosted by investment analysts at Oppenheimer from $370.00 to $450.00 in a research note issued to investors on Monday. The firm presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s target price suggests a potential upside of 34.97% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Needham & Company LLC boosted their price target on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus target price of $328.60.

Onto Innovation Price Performance

Shares of ONTO stock opened at $333.41 on Monday. Onto Innovation has a fifty-two week low of $89.40 and a fifty-two week high of $348.76. The stock’s 50-day moving average is $281.10 and its two-hundred day moving average is $224.95. The firm has a market cap of $16.58 billion, a P/E ratio of 155.80, a PEG ratio of 1.36 and a beta of 1.63.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $1.51 EPS. As a group, research analysts expect that Onto Innovation will post 7.14 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Root Financial Partners LLC boosted its holdings in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares during the last quarter. Transamerica Financial Advisors LLC raised its stake in Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after buying an additional 115 shares during the period. Millstone Evans Group LLC lifted its holdings in 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 acquiring an additional 99 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 128 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Onto Innovation in the fourth quarter valued at approximately $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.