Onto Innovation (NYSE:ONTO) Given New $150.00 Price Target at Needham & Company LLC

Onto Innovation (NYSE:ONTO - Get Free Report) had its price objective reduced by research analysts at Needham & Company LLC from $230.00 to $150.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective suggests a potential upside of 69.49% from the company's previous close.

A number of other equities research analysts also recently commented on ONTO. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $135.00 target price (down from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Stifel Nicolaus cut their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Benchmark restated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Finally, Jefferies Financial Group lowered their price objective on Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, March 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $177.14.

Onto Innovation Stock Down 30.2%

Shares of ONTO traded down $38.31 during mid-day trading on Friday, reaching $88.50. 8,576,820 shares of the company's stock were exchanged, compared to its average volume of 842,450. Onto Innovation has a 52-week low of $85.88 and a 52-week high of $238.93. The company has a 50-day simple moving average of $124.11 and a two-hundred day simple moving average of $159.49. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. The business had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business's revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.18 earnings per share. As a group, equities research analysts predict that Onto Innovation will post 6.26 EPS for the current fiscal year.

Institutional Trading of Onto Innovation

Several institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC purchased a new position in shares of Onto Innovation in the 4th quarter worth $26,000. Mather Group LLC. raised its holdings in shares of Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 111 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Onto Innovation during the 4th quarter worth about $38,000. Banque Cantonale Vaudoise purchased a new stake in shares of Onto Innovation during the 1st quarter worth about $29,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in Onto Innovation by 177.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 151 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.