Onto Innovation (NYSE:ONTO) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Onto Innovation (NYSE:ONTO) from a hold rating to a buy rating in a report released on Saturday.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC upped their price objective on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Oppenheimer set a $370.00 price objective on shares of Onto Innovation in a research report on Wednesday. Evercore restated an “outperform” rating and issued a $315.00 price objective on shares of Onto Innovation in a research report on Friday, April 17th. Finally, Cantor Fitzgerald upped their target price on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Buy” and an average price target of $310.63.

Onto Innovation Stock Up 4.0%

ONTO opened at $285.26 on Friday. Onto Innovation has a 12 month low of $85.88 and a 12 month high of $316.00. The company has a fifty day simple moving average of $234.97 and a 200 day simple moving average of $192.82. The stock has a market cap of $14.19 billion, a P/E ratio of 133.30, a P/E/G ratio of 1.39 and a beta of 1.70.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter in the prior year, the company earned $1.51 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts expect that Onto Innovation will post 6.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONTO. Westside Investment Management Inc. boosted its stake in Onto Innovation by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 99 shares during the period. Root Financial Partners LLC boosted its stake in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares during the period. Transamerica Financial Advisors LLC boosted its stake in shares of Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after buying an additional 115 shares during the last quarter. Millstone Evans Group LLC boosted its stake in shares of Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Onto Innovation during the 3rd quarter worth about $37,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.