Onto Innovation (NYSE:ONTO) Shares Gap Up – Time to Buy?

Onto Innovation Inc. (NYSE:ONTO) gapped up before the market opened on Thursday . The stock had previously closed at $291.45, but opened at $313.63. Onto Innovation shares last traded at $326.9450, with a volume of 292,058 shares.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ONTO shares. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Cantor Fitzgerald raised their target price on Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Jefferies Financial Group restated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research report on Wednesday, May 6th. Finally, B. Riley Financial upped their price target on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 13th. 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $339.60.

Onto Innovation Trading Up 1.4%

The business has a fifty day moving average of $294.75 and a 200 day moving average of $241.98. The company has a market capitalization of $15.99 billion, a PE ratio of 150.25, a PEG ratio of 1.29 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same period in the prior year, the firm earned $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC raised its stake in shares of Onto Innovation by 312.5% in the first quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock valued at $500,000 after acquiring an additional 3,122 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Onto Innovation by 76.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock worth $58,517,000 after purchasing an additional 208,907 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Onto Innovation by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock worth $19,810,000 after purchasing an additional 13,175 shares in the last quarter. Cetera Investment Advisers increased its holdings in Onto Innovation by 6.3% during the 2nd quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock worth $405,000 after purchasing an additional 238 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Onto Innovation by 182.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock worth $666,000 after purchasing an additional 4,283 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.