Oppenheimer Reaffirms Outperform Rating for Onto Innovation (NYSE:ONTO)

Onto Innovation (NYSE:ONTO)‘s stock had its “outperform” rating reissued by equities research analysts at Oppenheimer in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $275.00 target price on the semiconductor company’s stock. Oppenheimer’s target price points to a potential upside of 61.60% from the stock’s previous close.

ONTO has been the topic of several other research reports. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group dropped their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set 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 issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Performance

Shares of ONTO opened at $170.17 on Tuesday. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 46.12, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30. The stock’s fifty day moving average is $180.86 and its 200-day moving average is $197.53. Onto Innovation has a one year low of $134.11 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation’s revenue was up 21.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. Analysts forecast that Onto Innovation will post 5.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Millennium Management LLC increased its stake in Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after buying an additional 337,250 shares during the period. Congress Asset Management Co. raised its holdings in shares of Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after acquiring an additional 295,869 shares in the last quarter. Citigroup Inc. boosted its position in Onto Innovation by 811.7% during the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock valued at $66,236,000 after purchasing an additional 284,115 shares during the last quarter. Barclays PLC grew its stake in Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock valued at $45,079,000 after purchasing an additional 201,640 shares in the last quarter. Finally, Natixis Advisors LLC grew its stake in Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after purchasing an additional 194,056 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.