Onto Innovation (NYSE:ONTO) Stock Price Up 10.3% - Here's What Happened

Key Points

• Onto Innovation's stock surged 10.3% to a trading price of $102.20, following a previous close of $92.68.
• Recent analyst reports downgraded the company's price targets, with Oppenheimer reducing theirs from $150.00 to $130.00 while maintaining an "outperform" rating.
• Despite missing earnings expectations with $1.25 EPS against a consensus of $1.27 EPS, the company reported a 4.7% year-over-year revenue increase.

Onto Innovation Inc. (NYSE:ONTO - Get Free Report)'s share price rose 10.3% on Friday . The stock traded as high as $104.69 and last traded at $102.20. Approximately 946,937 shares traded hands during trading, a decline of 23% from the average daily volume of 1,233,743 shares. The stock had previously closed at $92.68.

Analyst Ratings Changes

ONTO has been the subject of several recent analyst reports. Oppenheimer lowered their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the company a "hold" rating in a research note on Tuesday, May 20th. Stifel Nicolaus lowered their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. B. Riley lowered their target price on Onto Innovation from $160.00 to $145.00 and set a "buy" rating for the company in a research note on Friday. Finally, Benchmark lowered their target price on Onto Innovation from $190.00 to $160.00 and set a "buy" rating for the company in a research note on Friday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $137.86.

Onto Innovation Stock Up 11.2%

The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 25.51, a P/E/G ratio of 0.67 and a beta of 1.44. The stock has a 50 day moving average of $98.30 and a 200 day moving average of $123.05.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $1.25 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.02). The firm had revenue of $253.60 million during the quarter, compared to analyst estimates of $250.56 million. Onto Innovation had a return on equity of 14.47% and a net margin of 19.29%. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $1.32 earnings per share. Analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. boosted its stake in Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after acquiring an additional 356,161 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Onto Innovation by 48.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,291,415 shares of the semiconductor company's stock valued at $156,700,000 after acquiring an additional 421,165 shares during the period. William Blair Investment Management LLC boosted its stake in Onto Innovation by 650.4% in the second quarter. William Blair Investment Management LLC now owns 1,098,860 shares of the semiconductor company's stock valued at $110,908,000 after acquiring an additional 952,419 shares during the period. Geneva Capital Management LLC boosted its stake in Onto Innovation by 6.5% in the second quarter. Geneva Capital Management LLC now owns 1,081,662 shares of the semiconductor company's stock valued at $109,172,000 after acquiring an additional 66,339 shares during the period. Finally, Situational Awareness LP acquired a new position in Onto Innovation in the first quarter valued at approximately $71,192,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.