Onto Innovation Inc. (NYSE:ONTO) Receives Average Rating of "Buy" from Brokerages

Key Points

• Analyst sentiment is positive: Thirteen analysts give Onto Innovation an average “Buy” rating, including ten buys and two strong buys. The average 12-month price target is $339.60.
• Quarterly results slightly exceeded expectations: Onto reported $1.42 in EPS versus the $1.38 consensus estimate, while revenue reached $291.95 million and increased 9.5% year over year.
• The stock remains highly valued and institutionally held: Shares opened at $257.81, with a market capitalization of $12.82 billion and a P/E ratio of 120.47; institutional investors and hedge funds own 98.35% of the stock.

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) has been given an average recommendation of "Buy" by the thirteen analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $339.60.

Several brokerages have recently issued reports on ONTO. Wall Street Zen lowered Onto Innovation from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings restated a "hold (c)" rating on shares of Onto Innovation in a report on Friday, July 24th. Stifel Nicolaus set a $350.00 target price on shares of Onto Innovation and gave the stock a "buy" rating in a research report on Friday, April 17th. Evercore reiterated an "outperform" rating and set a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th.

Onto Innovation Trading Up 2.9%

Shares of NYSE:ONTO opened at $257.81 on Friday. Onto Innovation has a 1 year low of $89.40 and a 1 year high of $386.46. The business has a fifty day simple moving average of $295.17 and a 200 day simple moving average of $253.36. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of 120.47, a P/E/G ratio of 1.06 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm had revenue of $291.95 million during the quarter, compared to analysts' expectations of $292.00 million. During the same quarter last year, the firm earned $1.51 earnings per share. The business's revenue for the quarter was up 9.5% on a year-over-year basis. On average, sell-side analysts forecast that Onto Innovation will post 7.14 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently bought and sold shares of the stock. Root Financial Partners LLC raised its position in shares of Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after buying an additional 74 shares during the last quarter. Transamerica Financial Advisors LLC raised its position in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 115 shares in the last quarter. Millstone Evans Group LLC raised its position in Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock worth $34,000 after purchasing an additional 99 shares in the last quarter. CoreCap Advisors LLC bought a new position in Onto Innovation during the second quarter worth about $38,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock worth $39,000 after purchasing an additional 128 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.

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