Onto Innovation (NYSE:ONTO) Earns Outperform Rating from Analysts at Evercore ISI

Investment analysts at Evercore ISI initiated coverage on shares of Onto Innovation (NYSE:ONTO - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set an "outperform" rating and a $235.00 price target on the semiconductor company's stock. Evercore ISI's price objective would indicate a potential upside of 23.86% from the stock's current price.

A number of other analysts have also weighed in on ONTO. StockNews.com raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Monday, February 12th. B. Riley raised their price target on shares of Onto Innovation from $195.00 to $205.00 and gave the company a "buy" rating in a report on Friday, February 9th. Benchmark lifted their target price on shares of Onto Innovation from $145.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, February 9th. Finally, Stifel Nicolaus lifted their target price 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 analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and an average target price of $191.60.

Onto Innovation Price Performance

Shares of NYSE:ONTO traded up $6.66 during trading on Tuesday, reaching $189.73. The stock had a trading volume of 400,738 shares, compared to its average volume of 411,317. Onto Innovation has a 52 week low of $76.40 and a 52 week high of $199.72. The business's 50-day moving average price is $181.29 and its 200 day moving average price is $154.74. The stock has a market capitalization of $9.32 billion, a PE ratio of 77.13 and a beta of 1.40.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. The business had revenue of $219.00 million during the quarter, compared to analyst estimates of $209.06 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. Onto Innovation's revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 earnings per share. Analysts forecast that Onto Innovation will post 4.7 EPS for the current year.

Insider Transactions at Onto Innovation

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

Institutional Investors Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its stake in shares of 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 purchasing an additional 115 shares during the last quarter. Contravisory Investment Management Inc. acquired a new position in shares of Onto Innovation during the 4th quarter worth about $28,000. Huntington National Bank grew its stake in Onto Innovation by 70.3% in the 3rd quarter. Huntington National Bank now owns 247 shares of the semiconductor company's stock valued at $31,000 after buying an additional 102 shares during the last quarter. GAMMA Investing LLC acquired a new position in Onto Innovation in the 4th quarter valued at about $33,000. Finally, Public Employees Retirement System of Ohio grew its stake in Onto Innovation by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company's stock valued at $33,000 after buying an additional 175 shares during the last quarter. 98.35% of the stock is 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.