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

Onto Innovation Inc. (NYSE:ONTO)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $161.04, but opened at $165.29. Onto Innovation shares last traded at $167.00, with a volume of 112,566 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ONTO shares. Oppenheimer raised their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Up 2.8 %

The stock has a fifty day moving average of $191.73 and a two-hundred day moving average of $203.46. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of 43.64, a price-to-earnings-growth ratio of 1.03 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the prior year, the company posted $0.96 EPS. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, research analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current year.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Onto Innovation

A number of large investors have recently added to or reduced their stakes in ONTO. 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 lifted its stake 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 in 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 buying an additional 64 shares in the last quarter. Northwest & Ethical Investments L.P. grew its holdings in Onto Innovation by 7.8% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock valued at $218,000 after buying an additional 76 shares during the last quarter. Finally, Quarry LP increased its position 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. 98.35% of the stock is owned by institutional investors and hedge funds.

About Onto Innovation

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.