Onto Innovation (NYSE:ONTO) Shares Up 5.8% – Here’s Why

Onto Innovation Inc. (NYSE:ONTO) shares shot up 5.8% during mid-day trading on Tuesday . The company traded as high as $214.00 and last traded at $214.00. 299,175 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 558,552 shares. The stock had previously closed at $202.24.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ONTO. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Stifel Nicolaus raised 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. Oppenheimer raised their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $261.67.

Onto Innovation Price Performance

The firm has a market capitalization of $9.80 billion, a P/E ratio of 59.20, a P/E/G ratio of 1.31 and a beta of 1.36. The firm has a 50-day moving average price of $203.44 and a two-hundred day moving average price of $206.67.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.20 by $0.12. The firm 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 business’s revenue for the quarter was up 27.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 earnings per share. Sell-side analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Onto Innovation

Large investors have recently modified their holdings of the business. QRG Capital Management Inc. lifted its holdings in shares of Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after purchasing an additional 50 shares during the period. Magnetar Financial LLC boosted its stake in shares of Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after acquiring an additional 63 shares in the last quarter. Shaker Investments LLC OH boosted its stake in shares of Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after acquiring an additional 64 shares in the last quarter. Quarry LP boosted its stake in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC boosted its stake in shares of Onto Innovation by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors 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.