Onto Innovation (NYSE:ONTO) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Onto Innovation from “buy” to “hold,” although the broader analyst consensus remains “Buy,” with an average price target of $339.60.
• Onto Innovation shares opened at $257.81, with a 52-week range of $89.40 to $386.46 and a market capitalization of approximately $12.82 billion.
• The company beat quarterly EPS estimates, reporting $1.42 versus the $1.38 consensus, while revenue rose 9.5% year over year to $291.95 million; institutional investors own 98.35% of the stock.

Onto Innovation (NYSE:ONTO - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.

Other equities analysts also recently issued research reports about the stock. Oppenheimer increased their price target on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the company a "buy" rating in a research note on Friday, April 17th. Morgan Stanley initiated coverage on Onto Innovation in a report on Sunday, June 14th. They set an "overweight" rating and a $371.00 price objective for the company. Jefferies Financial Group reaffirmed a "buy" rating and issued a $350.00 target price on shares of Onto Innovation in a research report on Wednesday, May 6th. Finally, Freedom Capital upgraded Onto Innovation to a "strong-buy" rating in a report on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Onto Innovation has an average rating of "Buy" and an average target price of $339.60.

Onto Innovation Price Performance

Shares of Onto Innovation stock 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 50 day moving average price of $295.17 and a 200 day moving average price of $253.36. The company has a market capitalization of $12.82 billion, a P/E ratio of 120.47, a P/E/G ratio of 1.02 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results 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 net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same period in the prior year, the firm earned $1.51 EPS. The firm's quarterly revenue was up 9.5% on a year-over-year basis. As a group, research analysts expect that Onto Innovation will post 7.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in Onto Innovation by 1,217.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company's stock valued at $180,778,000 after purchasing an additional 1,292,772 shares in the last quarter. Norges Bank purchased a new position in Onto Innovation in the fourth quarter valued at about $104,938,000. Jennison Associates LLC lifted its stake in shares of Onto Innovation by 1,293.5% during the fourth quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company's stock worth $107,475,000 after purchasing an additional 631,965 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Onto Innovation by 315.8% during the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company's stock worth $97,187,000 after purchasing an additional 467,587 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Onto Innovation by 88.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company's stock worth $151,689,000 after buying an additional 451,084 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Company Profile

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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