Needham & Company LLC Cuts Onto Innovation (NYSE:ONTO) Price Target to $230.00

Onto Innovation (NYSE:ONTO) had its target price trimmed by Needham & Company LLC from $245.00 to $230.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

ONTO has been the topic of several other reports. Benchmark reaffirmed a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. Stifel Nicolaus lifted their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Oppenheimer raised their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Price Performance

ONTO opened at $176.10 on Friday. The company has a market capitalization of $8.70 billion, a PE ratio of 47.72, a price-to-earnings-growth ratio of 1.28 and a beta of 1.37. The business has a 50-day moving average of $202.50 and a 200-day moving average of $206.86. Onto Innovation has a fifty-two week low of $115.07 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a return on equity of 13.61% and a net margin of 19.44%. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same period last year, the business earned $0.96 EPS. The firm’s revenue was up 21.7% compared to the same quarter last year. On average, equities research analysts expect that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

A number of large investors have recently bought and sold shares of ONTO. Assetmark Inc. boosted its stake in Onto Innovation by 2.4% in the third quarter. Assetmark Inc. now owns 40,773 shares of the semiconductor company’s stock worth $8,463,000 after purchasing an additional 938 shares in the last quarter. TFB Advisors LLC lifted its position in Onto Innovation by 6.4% during the 3rd quarter. TFB Advisors LLC now owns 2,290 shares of the semiconductor company’s stock worth $475,000 after buying an additional 138 shares in the last quarter. Portside Wealth Group LLC grew its holdings in Onto Innovation by 49.1% during the 3rd quarter. Portside Wealth Group LLC now owns 1,557 shares of the semiconductor company’s stock worth $323,000 after acquiring an additional 513 shares during the last quarter. Asset Management One Co. Ltd. acquired a new stake in Onto Innovation in the 3rd quarter valued at about $176,000. Finally, Van ECK Associates Corp raised its stake in shares of Onto Innovation by 28.5% in the third quarter. Van ECK Associates Corp now owns 586 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 130 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

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.