Cantor Fitzgerald Lowers Onto Innovation (NYSE:ONTO) Price Target to $90.00

Onto Innovation (NYSE:ONTO - Get Free Report) had its price objective reduced by research analysts at Cantor Fitzgerald from $110.00 to $90.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. Cantor Fitzgerald's target price would indicate a potential downside of 3.95% from the stock's current price.

A number of other equities analysts have also recently issued reports on ONTO. Benchmark cut their target price on Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Oppenheimer lowered their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the company a "hold" rating in a report on Tuesday, May 20th. Needham & Company LLC decreased their target price on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Wall Street Zen raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $141.67.

Onto Innovation Price Performance

ONTO stock opened at $93.70 on Tuesday. The company's 50-day moving average is $105.12 and its 200-day moving average is $142.66. The stock has a market capitalization of $4.58 billion, a PE ratio of 21.20, a price-to-earnings-growth ratio of 0.62 and a beta of 1.46. Onto Innovation has a 1 year low of $85.88 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The business had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period in the prior year, the business earned $1.18 EPS. The firm's revenue for the quarter was up 16.5% on a year-over-year basis. On average, analysts anticipate that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently bought and sold shares of ONTO. Commonwealth Equity Services LLC raised its holdings in shares of Onto Innovation by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock valued at $2,680,000 after purchasing an additional 225 shares during the last quarter. Truist Financial Corp grew its position in Onto Innovation by 35.6% in the 4th quarter. Truist Financial Corp now owns 1,605 shares of the semiconductor company's stock worth $268,000 after purchasing an additional 421 shares in the last quarter. LPL Financial LLC increased its stake in Onto Innovation by 35.3% in the 4th quarter. LPL Financial LLC now owns 35,672 shares of the semiconductor company's stock valued at $5,945,000 after buying an additional 9,310 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Onto Innovation by 51.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 548 shares of the semiconductor company's stock valued at $92,000 after buying an additional 185 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Onto Innovation by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after buying an additional 76,233 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

About Onto Innovation

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.

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