Onto Innovation (NYSE:ONTO) Reaches New 12-Month High on Earnings Beat

Onto Innovation Inc. (NYSE:ONTO - Get Free Report)'s share price reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The stock traded as high as $233.84 and last traded at $220.80, with a volume of 177795 shares trading hands. The stock had previously closed at $208.42.

The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.08. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The firm had revenue of $228.80 million during the quarter, compared to analysts' expectations of $222.60 million. During the same period in the previous year, the company earned $0.92 earnings per share. The company's revenue was up 14.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Monday, February 12th. B. Riley boosted their price objective on shares of Onto Innovation from $235.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday. Evercore ISI boosted their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a "buy" rating in a research report on Monday, March 25th. Finally, Benchmark boosted their target price on shares of Onto Innovation from $180.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Onto Innovation has an average rating of "Moderate Buy" and an average price target of $213.60.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, Director David Brian Miller sold 2,800 shares of the business's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the sale, the director now owns 9,008 shares of the company's stock, valued at approximately $1,535,773.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Onto Innovation news, Director David Brian Miller sold 2,800 shares of the business's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the sale, the director now owns 9,008 shares of the company's stock, valued at approximately $1,535,773.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Yoon Ah Oh sold 2,685 shares of the business's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the completion of the sale, the vice president now owns 16,598 shares in the company, valued at approximately $2,887,388.08. The disclosure for this sale can be found here. Insiders have sold 47,170 shares of company stock valued at $8,266,955 in the last 90 days. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onto Innovation

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in Onto Innovation by 198.3% during the 4th quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company's stock worth $26,000 after buying an additional 115 shares in the last quarter. Contravisory Investment Management Inc. acquired a new position in Onto Innovation during the 4th quarter worth about $28,000. Fidelis Capital Partners LLC acquired a new position in Onto Innovation during the 1st quarter worth about $28,000. Huntington National Bank lifted its position in Onto Innovation by 70.3% during the 3rd quarter. Huntington National Bank now owns 247 shares of the semiconductor company's stock worth $31,000 after buying an additional 102 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in Onto Innovation during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Performance

The company's 50-day moving average is $186.68 and its 200-day moving average is $162.04. The firm has a market cap of $11.03 billion, a price-to-earnings ratio of 91.24 and a beta of 1.40.

Onto Innovation Company Profile

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.