Onto Innovation (NYSE:ONTO) Reaches New 52-Week High – Time to Buy?

Shares of Onto Innovation Inc. (NYSE:ONTO) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $355.00 and last traded at $356.9890, with a volume of 14295 shares changing hands. The stock had previously closed at $351.45.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ONTO. Deutsche Bank Aktiengesellschaft began coverage on Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. B. Riley Financial boosted their price target on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Morgan Stanley began coverage on shares of Onto Innovation in a report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus price target of $339.60.

Onto Innovation Stock Up 6.3%

The firm has a 50-day moving average of $290.29 and a two-hundred day moving average of $232.35. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of 174.83, a price-to-earnings-growth ratio of 1.32 and a beta of 1.63.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same period last year, the company posted $1.51 EPS. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, sell-side analysts predict that Onto Innovation Inc. will post 7.14 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in Onto Innovation by 1,217.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after buying an additional 1,292,772 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Onto Innovation by 21.4% during the 4th quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock valued at $213,585,000 after acquiring an additional 238,500 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Onto Innovation by 45.4% during the 4th quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after acquiring an additional 352,316 shares in the last quarter. Paradigm Capital Management Inc. NY grew its holdings in shares of Onto Innovation by 1.2% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock valued at $177,725,000 after acquiring an additional 12,999 shares in the last quarter. Finally, Geneva Capital Management LLC increased its stake in shares of Onto Innovation by 0.3% in the third quarter. Geneva Capital Management LLC now owns 1,084,447 shares of the semiconductor company’s stock worth $140,132,000 after acquiring an additional 2,785 shares during the last quarter. 98.35% of the stock is 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.