Onto Innovation (NYSE:ONTO) Given New $230.00 Price Target at Benchmark

Onto Innovation (NYSE:ONTO - Get Free Report) had its price target increased by Benchmark from $180.00 to $230.00 in a report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Benchmark's target price would indicate a potential upside of 2.52% from the stock's previous close.

Several other research firms have also recently issued reports on ONTO. B. Riley raised their target price on Onto Innovation from $235.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a research report on Monday, February 12th. Evercore ISI upped their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the company an "outperform" rating in a research report on Friday. Needham & Company LLC reiterated a "hold" rating on shares of Onto Innovation in a research report on Friday. Finally, Stifel Nicolaus upped their price objective on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a "buy" rating in a report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Onto Innovation has a consensus rating of "Moderate Buy" and an average price target of $213.60.

Onto Innovation Trading Up 7.6 %

NYSE ONTO traded up $15.93 on Friday, reaching $224.35. 999,102 shares of the company were exchanged, compared to its average volume of 442,071. Onto Innovation has a fifty-two week low of $86.04 and a fifty-two week high of $233.84. The business's fifty day moving average price is $186.05 and its 200 day moving average price is $161.29. The stock has a market capitalization of $11.02 billion, a P/E ratio of 89.71 and a beta of 1.40.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.08. The firm had revenue of $228.80 million during the quarter, compared to analyst estimates of $222.60 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. Onto Innovation's quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Equities research analysts forecast that Onto Innovation will post 4.7 earnings per share for the current year.

Insider Transactions at Onto Innovation

In other news, Director David Brian Miller sold 2,800 shares of the company's stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $170.49, for a total transaction of $477,372.00. Following the sale, the director now owns 9,008 shares of the company's stock, valued at $1,535,773.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Onto Innovation news, CEO Michael P. Plisinski sold 40,000 shares of the business's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares in the company, valued at approximately $41,324,136.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Brian Miller sold 2,800 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the completion of the sale, the director now directly owns 9,008 shares in the company, valued at $1,535,773.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,170 shares of company stock valued at $8,266,955. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently modified their holdings of ONTO. Nicolet Advisory Services LLC acquired a new position in Onto Innovation in the first quarter valued at approximately $223,000. Glaxis Capital Management LLC purchased a new position in shares of Onto Innovation in the 1st quarter valued at $335,000. Lord Abbett & CO. LLC raised its stake in Onto Innovation by 13.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 301,127 shares of the semiconductor company's stock worth $54,528,000 after acquiring an additional 35,073 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in shares of Onto Innovation by 7.8% during the first quarter. First Eagle Investment Management LLC now owns 44,608 shares of the semiconductor company's stock worth $8,078,000 after purchasing an additional 3,210 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Onto Innovation by 27.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 17,789 shares of the semiconductor company's stock worth $3,221,000 after purchasing an additional 3,800 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

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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