Needham & Company LLC Has Lowered Expectations for Onto Innovation (NYSE:ONTO) Stock Price

Onto Innovation (NYSE:ONTO) had its price objective trimmed by Needham & Company LLC from $245.00 to $230.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research firms have also issued reports on ONTO. Oppenheimer raised their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Trading Down 11.2 %

Shares of NYSE:ONTO opened at $176.10 on Friday. Onto Innovation has a 1-year low of $115.07 and a 1-year high of $238.93. The stock has a market capitalization of $8.70 billion, a P/E ratio of 47.72, a P/E/G ratio of 1.28 and a beta of 1.37. The business has a 50-day moving average price of $202.50 and a two-hundred day moving average price of $206.86.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.61%. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same period in the prior year, the business posted $0.96 earnings per share. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. As a group, equities analysts predict that Onto Innovation will post 5.18 EPS for the current year.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its holdings in shares of Onto Innovation by 2.7% in the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock valued at $425,000 after purchasing an additional 50 shares in the last quarter. Magnetar Financial LLC raised its position in Onto Innovation by 4.0% in the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock valued at $356,000 after buying an additional 63 shares during the last quarter. Shaker Investments LLC OH lifted its stake in Onto Innovation by 1.7% in the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock valued at $862,000 after acquiring an additional 64 shares in the last quarter. Quarry LP boosted its position in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC grew its stake in shares of Onto Innovation by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 80 shares in the last quarter. 98.35% of the stock is 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.