Onto Innovation (NYSE:ONTO) Price Target Lowered to $245.00 at Jefferies Financial Group

Onto Innovation (NYSE:ONTO) had its target price lowered by equities researchers at Jefferies Financial Group from $265.00 to $245.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 39.09% from the company’s previous close.

Other research analysts have also issued research reports about the company. Needham & Company LLC reduced their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday. Stifel Nicolaus increased their target price on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Oppenheimer raised their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Price Performance

ONTO stock traded down $22.18 during midday trading on Friday, reaching $176.15. The company had a trading volume of 915,655 shares, compared to its average volume of 563,839. The firm has a 50-day moving average price of $203.24 and a 200-day moving average price of $206.62. Onto Innovation has a 1 year low of $115.07 and a 1 year high of $238.93. The company has a market capitalization of $8.70 billion, a P/E ratio of 52.58, a P/E/G ratio of 1.33 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 earnings per share. On average, equities analysts predict that Onto Innovation will post 5.18 EPS for the current year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of Onto Innovation

A number of large investors have recently modified their holdings of the business. State of Michigan Retirement System boosted its position in shares of Onto Innovation by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company’s stock valued at $2,191,000 after purchasing an additional 300 shares in the last quarter. Norden Group LLC bought a new position in shares of Onto Innovation in the first quarter worth about $654,000. Fidelis Capital Partners LLC bought a new position in shares of Onto Innovation in the first quarter worth about $28,000. Nordea Investment Management AB boosted its stake in Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after buying an additional 15,451 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Onto Innovation by 135.7% in the 1st quarter. Jennison Associates LLC now owns 8,219 shares of the semiconductor company’s stock valued at $1,488,000 after purchasing an additional 4,732 shares during the last quarter. 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.