Onto Innovation (NYSE:ONTO) Receives Hold Rating from Needham & Company LLC

Onto Innovation (NYSE:ONTO)‘s stock had its “hold” rating reissued by analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports.

Other research analysts have also issued reports about the company. Benchmark upped their price target on Onto Innovation from $145.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, February 9th. StockNews.com upgraded Onto Innovation from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, March 25th. B. Riley upped their price objective on shares of Onto Innovation from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday. Finally, Evercore ISI initiated coverage on shares of Onto Innovation in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $235.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $200.60.

Onto Innovation Price Performance

ONTO stock opened at $208.29 on Friday. The firm has a market capitalization of $10.23 billion, a P/E ratio of 84.67 and a beta of 1.40. Onto Innovation has a 52-week low of $86.04 and a 52-week high of $213.47. The company’s 50 day simple moving average is $186.05 and its 200-day simple moving average is $161.29.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.07. The company had revenue of $219.00 million for the quarter, compared to the consensus estimate of $209.06 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The company’s revenue was down 13.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.57 EPS. Sell-side analysts predict that Onto Innovation will post 4.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Onto Innovation news, VP Yoon Ah Oh sold 2,685 shares of Onto Innovation stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $173.96, for a total value of $467,082.60. Following the completion of the sale, the vice president now directly owns 16,598 shares in the company, valued at $2,887,388.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Onto Innovation news, VP Yoon Ah Oh sold 2,685 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $173.96, for a total value of $467,082.60. Following the completion of the sale, the vice president now owns 16,598 shares of the company’s stock, valued at $2,887,388.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael P. Plisinski sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total value of $7,019,200.00. Following the sale, the chief executive officer now owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,170 shares of company stock worth $8,266,955. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently made changes to their positions in ONTO. Vanguard Group Inc. raised its stake in Onto Innovation by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,728,291 shares of the semiconductor company’s stock valued at $730,472,000 after purchasing an additional 27,695 shares during the last quarter. Retirement Systems of Alabama bought a new stake in shares of Onto Innovation in the 4th quarter worth approximately $9,399,000. Pacer Advisors Inc. grew its holdings in shares of Onto Innovation by 2,306.3% during the 4th quarter. Pacer Advisors Inc. now owns 10,997 shares of the semiconductor company’s stock worth $1,681,000 after purchasing an additional 10,540 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Onto Innovation by 854.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock valued at $45,266,000 after purchasing an additional 265,042 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Onto Innovation by 153.6% in the fourth quarter. Raymond James & Associates now owns 14,516 shares of the semiconductor company’s stock valued at $2,219,000 after purchasing an additional 8,792 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.