Onto Innovation (NYSE:ONTO) Shares Up 5.8% – Here’s Why

Shares of Onto Innovation Inc. (NYSE:ONTO) rose 5.8% during trading on Tuesday . The company traded as high as $214.00 and last traded at $214.00. Approximately 299,175 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 558,552 shares. The stock had previously closed at $202.24.

Analyst Upgrades and Downgrades

ONTO has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Oppenheimer lifted their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $261.67.

Onto Innovation Stock Performance

The firm has a market capitalization of $9.80 billion, a PE ratio of 59.20, a PEG ratio of 1.31 and a beta of 1.36. The company’s 50-day moving average price is $203.44 and its 200-day moving average price is $206.67.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same period in the previous year, the company earned $0.79 earnings per share. Onto Innovation’s quarterly revenue was up 27.1% compared to the same quarter last year. As a group, analysts anticipate that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its holdings in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Onto Innovation by 675.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in Onto Innovation during the 1st quarter valued at $28,000. LGT Financial Advisors LLC lifted its position in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after buying an additional 84 shares during the last quarter. 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.