Shares of Onto Innovation Inc. (NYSE:ONTO) have been assigned an average rating of “Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have covered the stock in the last year is $100.40.
Several brokerages recently issued reports on ONTO. Needham & Company LLC raised their target price on shares of Onto Innovation from $81.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, November 5th. B. Riley raised their target price on shares of Onto Innovation from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, November 5th. Zacks Investment Research upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a report on Monday, November 8th. Finally, Benchmark increased their price target on shares of Onto Innovation from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 8th.
In related news, Director David Brian Miller sold 5,500 shares of the stock in a transaction on Tuesday, December 7th. The shares were sold at an average price of $97.41, for a total transaction of $535,755.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Steven R. Roth sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 3rd. The stock was sold at an average price of $83.00, for a total transaction of $415,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,725 shares of company stock worth $5,530,935. 1.60% of the stock is owned by insiders.
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Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Onto Innovation by 24.3% during the second quarter. Vanguard Group Inc. now owns 5,118,760 shares of the semiconductor company’s stock worth $373,874,000 after buying an additional 1,000,307 shares during the period. abrdn plc purchased a new position in Onto Innovation during the second quarter worth about $37,776,000. Geneva Capital Management LLC boosted its stake in Onto Innovation by 79.3% during the third quarter. Geneva Capital Management LLC now owns 1,154,143 shares of the semiconductor company’s stock worth $83,386,000 after buying an additional 510,416 shares during the period. FMR LLC boosted its stake in Onto Innovation by 265.9% during the second quarter. FMR LLC now owns 442,573 shares of the semiconductor company’s stock worth $32,325,000 after buying an additional 321,611 shares during the period. Finally, Invesco Ltd. boosted its stake in Onto Innovation by 105.0% during the second quarter. Invesco Ltd. now owns 598,863 shares of the semiconductor company’s stock worth $43,741,000 after buying an additional 306,701 shares during the period. 96.79% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ONTO opened at $101.23 on Friday. Onto Innovation has a fifty-two week low of $47.20 and a fifty-two week high of $103.77. The company has a 50 day simple moving average of $90.79 and a two-hundred day simple moving average of $78.79. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 43.45 and a beta of 1.17.
Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, November 4th. The semiconductor company reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.06. Onto Innovation had a net margin of 16.08% and a return on equity of 12.66%. The business had revenue of $200.60 million during the quarter, compared to the consensus estimate of $195.34 million. During the same quarter last year, the firm earned $0.40 earnings per share. The business’s revenue for the quarter was up 58.6% on a year-over-year basis. As a group, research analysts forecast that Onto Innovation will post 3.73 earnings per share for the current year.
About Onto Innovation
Onto Innovation, Inc engages in developing process control systems. It offers process control, combining global scale with an expanded portfolio of technologies that include: 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging.
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Read More: Onto Innovation Inc. (NYSE:ONTO) Receives Consensus Rating of “Buy” from Brokerages