Onto Innovation (NYSE:ONTO) Shares Gap Up – Should You Buy?

Shares of Onto Innovation Inc. (NYSE:ONTO) gapped up prior to trading on Wednesday . The stock had previously closed at $204.28, but opened at $211.76. Onto Innovation shares last traded at $211.66, with a volume of 212,970 shares.

Analyst Upgrades and Downgrades

ONTO has been the subject of a number of research analyst reports. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. B. Riley lifted their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus lifted their target price on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Oppenheimer upped their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average target price of $261.67.

Onto Innovation Trading Up 2.5 %

The firm has a 50-day simple moving average of $203.20 and a 200-day simple moving average of $205.33. The firm has a market cap of $10.33 billion, a P/E ratio of 74.62, a PEG ratio of 1.36 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.12. The company had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The firm’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 earnings per share. Research analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in shares of Onto Innovation by 13.0% in the 4th quarter. Wellington Management Group LLP now owns 844,623 shares of the semiconductor company’s stock valued at $129,143,000 after purchasing an additional 96,925 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of Onto Innovation during the fourth quarter worth $145,000. GAMMA Investing LLC grew its holdings in shares of Onto Innovation by 41.1% during the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after buying an additional 85 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Onto Innovation in the 1st quarter valued at $38,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Onto Innovation in the 1st quarter worth $29,420,000. 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.