Onto Innovation (NYSE:ONTO) Rating Lowered to Hold at Jefferies Financial Group

Onto Innovation (NYSE:ONTO - Get Free Report) was downgraded by equities research analysts at Jefferies Financial Group from a "buy" rating to a "hold" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $110.00 target price on the semiconductor company's stock. Jefferies Financial Group's price target suggests a potential upside of 9.47% from the stock's previous close.

A number of other brokerages also recently issued reports on ONTO. Cantor Fitzgerald restated a "neutral" rating and set a $135.00 price target (down previously from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Needham & Company LLC reduced their price objective on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Benchmark lowered their target price on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, May 9th. StockNews.com raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Stifel Nicolaus dropped their target price on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $167.86.

Onto Innovation Price Performance

Onto Innovation stock opened at $100.48 on Tuesday. Onto Innovation has a 12 month low of $85.88 and a 12 month high of $238.93. The stock has a market capitalization of $4.91 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The business has a 50 day simple moving average of $120.19 and a 200-day simple moving average of $155.23.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. The business had revenue of $267.00 million during 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 company's revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the company earned $1.18 EPS. On average, equities research analysts anticipate that Onto Innovation will post 6.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Onto Innovation by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after purchasing an additional 76,233 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Onto Innovation by 9.2% during the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock worth $365,380,000 after purchasing an additional 183,839 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Onto Innovation by 21.2% during the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after buying an additional 271,470 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Onto Innovation by 41.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after buying an additional 444,860 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Onto Innovation by 33.9% in the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after buying an additional 356,161 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

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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