Onto Innovation (NYSE:ONTO) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Onto Innovation from “hold” to “strong-buy” and lifted its FY2028 EPS estimate to $9.44, reinforcing a notably bullish outlook on the semiconductor equipment maker.
• Other analysts remain positive, with several firms issuing buy or overweight ratings and price targets as high as $371. The stock’s average analyst rating is “Buy,” with an average price target of $339.60.
• Onto Innovation recently reported Q1 earnings above expectations, posting $1.42 EPS versus $1.38 expected, while revenue rose 9.5% year over year to $291.95 million. The stock was trading down 4.5% on the day, opening at $305.02.

Onto Innovation (NYSE:ONTO - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports. Zacks Research also issued estimates for Onto Innovation's FY2028 earnings at $9.44 EPS.

Several other analysts also recently weighed in on the company. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the company a "buy" rating in a research note on Friday, April 17th. Morgan Stanley began coverage on Onto Innovation in a research note on Sunday, June 14th. They issued an "overweight" rating and a $371.00 price objective for the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft began coverage on Onto Innovation in a research report on Friday, June 5th. They issued a "buy" rating and a $350.00 target price on the stock. Finally, B. Riley Financial increased their price target on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $339.60.

Onto Innovation Trading Down 4.5%

NYSE:ONTO opened at $305.02 on Tuesday. Onto Innovation has a twelve month low of $89.40 and a twelve month high of $386.46. The company has a market cap of $15.17 billion, a PE ratio of 142.54, a P/E/G ratio of 1.30 and a beta of 1.55. The company's 50 day moving average is $295.44 and its two-hundred day moving average is $245.67.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same period in the previous year, the firm posted $1.51 earnings per share. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, analysts expect that Onto Innovation will post 7.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its position in shares of Onto Innovation by 13.0% in the second quarter. Handelsbanken Fonder AB now owns 16,500 shares of the semiconductor company's stock worth $6,244,000 after acquiring an additional 1,900 shares during the period. Arista Wealth Management LLC acquired a new stake in shares of Onto Innovation during the 2nd quarter valued at about $378,000. Everhart Financial Group Inc. acquired a new position in Onto Innovation in the 2nd quarter worth about $256,000. GAMMA Investing LLC raised its holdings in Onto Innovation by 19.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,483 shares of the semiconductor company's stock worth $561,000 after purchasing an additional 239 shares during the period. Finally, Avior Wealth Management LLC purchased a new position in Onto Innovation during the second quarter worth approximately $201,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

About Onto Innovation

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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