Onto Innovation (NYSE:ONTO) Upgraded to “Strong-Buy” at Freedom Capital

Freedom Capital upgraded shares of Onto Innovation (NYSE:ONTO) to a strong-buy rating in a research note released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also commented on ONTO. Morgan Stanley started coverage on Onto Innovation in a research report on Sunday. They set an “overweight” rating and a $371.00 price objective for the company. Oppenheimer restated an “outperform” rating on shares of Onto Innovation in a research report on Monday, June 1st. Zacks Research lowered Onto Innovation from a “strong-buy” rating to a “hold” rating in a research report on Monday. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Cantor Fitzgerald raised their price objective on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $320.60.

Onto Innovation Stock Up 1.0%

NYSE:ONTO opened at $319.19 on Wednesday. Onto Innovation has a 1-year low of $89.40 and a 1-year high of $348.76. The firm has a market capitalization of $15.88 billion, a price-to-earnings ratio of 149.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.62. The stock has a fifty day simple moving average of $276.96 and a 200 day simple moving average of $222.27.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The business had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same quarter last year, the company posted $1.51 EPS. Onto Innovation’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts predict that Onto Innovation will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Onto Innovation by 5.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,667,404 shares of the semiconductor company’s stock valued at $732,342,000 after buying an additional 294,393 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Onto Innovation by 80.3% during the 3rd quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock valued at $256,083,000 after buying an additional 882,901 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Onto Innovation by 1,217.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after buying an additional 1,292,772 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Onto Innovation by 21.4% during the 4th quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock valued at $213,585,000 after buying an additional 238,500 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Onto Innovation by 45.4% during the 4th quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after buying an additional 352,316 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

About Onto Innovation

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.