Onto Innovation (NYSE:ONTO) Downgraded to “Hold” Rating by Jefferies Financial Group

Jefferies Financial Group lowered shares of Onto Innovation (NYSE:ONTO) from a buy rating to a hold rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. Jefferies Financial Group currently has $110.00 target price on the semiconductor company’s stock, down from their prior target price of $135.00.

ONTO has been the subject of a number of other research reports. StockNews.com raised Onto Innovation from a “sell” rating to a “hold” rating in a report on Saturday. Oppenheimer dropped their price target on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Needham & Company LLC reduced their price objective on Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $135.00 target price (down previously from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Finally, Benchmark dropped their target price on shares of Onto Innovation from $230.00 to $190.00 and set a “buy” rating for the company in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Onto Innovation currently has an average rating of “Moderate Buy” and an average target price of $167.86.

Onto Innovation Trading Down 3.2%

Onto Innovation stock opened at $97.24 on Tuesday. The firm has a market cap of $4.75 billion, a PE ratio of 23.95, a P/E/G ratio of 0.89 and a beta of 1.55. Onto Innovation has a 12 month low of $85.88 and a 12 month high of $238.93. The stock’s 50 day simple moving average is $119.45 and its two-hundred day simple moving average is $154.83.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.04. The firm had revenue of $267.00 million during the quarter, compared to analyst estimates of $267.03 million. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Onto Innovation’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.18 EPS. On average, equities research analysts forecast that Onto Innovation will post 6.26 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its position in Onto Innovation by 1.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company’s stock worth $2,680,000 after buying an additional 225 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after acquiring an additional 228,800 shares in the last quarter. Barclays PLC grew its holdings in shares of Onto Innovation by 1,296.7% in the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after acquiring an additional 201,640 shares during the period. Fort Washington Investment Advisors Inc. OH increased its stake in Onto Innovation by 40.2% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 140,455 shares of the semiconductor company’s stock valued at $23,410,000 after purchasing an additional 40,290 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Onto Innovation by 35.6% during the fourth quarter. Truist Financial Corp now owns 1,605 shares of the semiconductor company’s stock worth $268,000 after purchasing an additional 421 shares during the last quarter. 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.