Onto Innovation (NYSE:ONTO) Stock Rating Lowered by Wall Street Zen

Onto Innovation (NYSE:ONTO) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other analysts have also issued research reports about the stock. Evercore reissued an “outperform” rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. B. Riley Financial upped their price objective on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a research report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Finally, Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Onto Innovation presently has a consensus rating of “Buy” and a consensus target price of $339.60.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $257.81 on Friday. Onto Innovation has a twelve month low of $89.40 and a twelve month high of $386.46. The firm has a market cap of $12.82 billion, a PE ratio of 120.47, a price-to-earnings-growth ratio of 1.06 and a beta of 1.59. The business has a fifty day moving average of $295.17 and a 200-day moving average of $253.80.

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

Hedge Funds Weigh In On Onto Innovation

Several hedge funds have recently added to or reduced their stakes in ONTO. Wellington Management Group LLP raised its stake in Onto Innovation by 1,217.0% during 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 during the period. Norges Bank acquired a new position in Onto Innovation in the fourth quarter valued at about $104,938,000. Jennison Associates LLC increased its holdings in shares of Onto Innovation by 1,293.5% in the fourth quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock worth $107,475,000 after acquiring an additional 631,965 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Onto Innovation by 315.8% in the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after acquiring an additional 467,587 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Onto Innovation by 88.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock worth $151,689,000 after purchasing an additional 451,084 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.