Onto Innovation (NYSE:ONTO) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Needham & Company raised its price target on Onto Innovation to $330 and kept a buy rating (implying ~8.3% upside), while the consensus analyst view is a Buy with an average target of $301.88 and several firms (Oppenheimer, Stifel) targeting $350.
• Onto's latest quarter showed an EPS beat of $1.42 vs. $1.38 expected and revenue of $291.95M roughly in line with estimates, with revenue up 9.5% year‑over‑year and a net margin of 13.6%.
• Shares opened at $304.76 with a market cap of $15.16B and a high valuation (P/E 110.02, PEG 1.48), trading near a 1‑year high of $316 after a 1‑year low of $85.88.

Onto Innovation (NYSE:ONTO - Get Free Report) had its target price hoisted by equities researchers at Needham & Company LLC from $320.00 to $330.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price target would suggest a potential upside of 8.28% from the stock's previous close.

ONTO has been the topic of a number of other reports. Oppenheimer boosted their target price on shares of Onto Innovation from $265.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. Stifel Nicolaus set a $350.00 target price on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, April 27th. Cantor Fitzgerald boosted their target price on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Finally, Evercore restated an "outperform" rating and set a $315.00 target price on shares of Onto Innovation in a report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $301.88.

Onto Innovation Trading Up 1.7%

Shares of ONTO opened at $304.76 on Wednesday. The company has a market cap of $15.16 billion, a price-to-earnings ratio of 110.02, a PEG ratio of 1.48 and a beta of 1.70. Onto Innovation has a 1-year low of $85.88 and a 1-year high of $316.00. The company's fifty day simple moving average is $232.32 and its 200 day simple moving average is $190.71.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.04. The business had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a net margin of 13.60% and a return on equity of 12.20%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.51 earnings per share. As a group, research analysts forecast that Onto Innovation will post 6.72 earnings per share for the current year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently modified their holdings of the business. Millstone Evans Group LLC grew its stake in shares of Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock valued at $34,000 after acquiring an additional 99 shares in the last quarter. Transamerica Financial Advisors LLC grew its stake in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 115 shares in the last quarter. Root Financial Partners LLC grew its stake in shares of Onto Innovation by 71.2% in the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. Westside Investment Management Inc. grew its stake in shares of Onto Innovation by 100.0% in the third quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 99 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock valued at $39,000 after acquiring an additional 128 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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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