Onto Innovation (NYSE:ONTO) Raised to “Strong-Buy” at Freedom Capital

Onto Innovation (NYSE:ONTO) was upgraded by research analysts at Freedom Capital to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on ONTO. Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, Evercore reaffirmed an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average target price of $320.60.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $319.19 on Wednesday. The business’s fifty day moving average price is $276.96 and its two-hundred day moving average price is $222.27. The company has a market capitalization of $15.88 billion, a P/E ratio of 149.16, a PEG ratio of 1.29 and a beta of 1.62. Onto Innovation has a 1-year low of $89.40 and a 1-year high of $348.76.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 EPS. On average, research analysts expect that Onto Innovation will post 7.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors and hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC raised its position in shares of 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 purchasing an additional 74 shares during the period. Transamerica Financial Advisors LLC raised its position in shares of Onto Innovation by 188.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares during the period. Millstone Evans Group LLC raised its position in shares of 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 purchasing an additional 99 shares during the period. 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 stake in shares of Onto Innovation during the fourth quarter worth $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.