Onto Innovation Inc. (NYSE:ONTO) receives a consensus price target of $259.00 from analysts

Onto Innovation Inc. (NYSE:ONTO – Get Free Report ) has been given an average rating of “Buy” by the six analysts that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $259.00.

Several brokerages have recently commented on ONTO. Benchmark restated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus upped their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. B. Riley boosted their price objective on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Finally, Jefferies Financial Group began coverage on Onto Innovation in a research note on Monday, May 13th. They issued a “buy” rating and a $265.00 price target for the company.

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Indoor activity

In other news, SVP Srinivas Vedula sold 1,486 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the sale, the senior vice president now directly owns 17,433 shares in the company, valued at approximately $3,720,202.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In related news, SVP Srinivas Vedula sold 1,486 shares of Onto Innovation stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the sale, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, CFO Mark Slicer sold 519 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the transaction, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s shares.

Institutional investors intervene on innovation

Several large investors have recently made changes to their positions in the company. Vaughan Nelson Investment Management LP grew its position in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management LP now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after buying an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Onto Innovation by 98.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after buying an additional 2,753 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Onto Innovation by 17.8% in the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after purchasing an additional 15,451 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Onto Innovation by 36.8% in the 4th quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock valued at $45,231,000 after purchasing an additional 79,530 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in Onto Innovation by 106.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 7,263 shares of the semiconductor company’s stock worth $1,111,000 after acquiring an additional 3,746 shares in the last quarter. 98.35% of shares are held by institutional investors.

Innovation stock performance

Shares of ONTO stock opened at $186.77 on Friday. Onto Innovation has a fifty-two week low of $108.98 and a fifty-two week high of $238.93. The company’s 50-day simple moving average is $206.49, and its two-hundred-day simple moving average is $201.13. The stock has a market cap of $9.20 billion, a PE ratio of 66.47 and a beta of 1.39.

Onto Innovation (NYSE:ONTO – Get Your Free Report ) last posted its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. In the same quarter last year, the business posted EPS of $0.79. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. equities research analysts forecast that Onto Innovation will post 5.11 EPS for the current year.

Innovation company profile

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Onto Innovation Inc is engaged in the design, development, manufacture and support of process control instruments that perform optical metrology. The company offers lithography systems and analytical process control software. It also offers process and yield management solutions, as well as packaging and device testing facilities through stand-alone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.

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