Onto Innovation (NYSE:ONTO) Shares Gap Up – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $268.99, but opened at $290.00. Onto Innovation shares last traded at $288.8550, with a volume of 212,094 shares trading hands.

Wall Street Analyst Weigh In

ONTO has been the topic of several recent analyst reports. Needham & Company LLC upped their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Oppenheimer reaffirmed an “outperform” rating on shares of Onto Innovation in a report on Monday, June 1st. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Finally, Cantor Fitzgerald lifted their price target on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $315.00.

Onto Innovation Stock Performance

The stock has a fifty day moving average price of $263.35 and a two-hundred day moving average price of $213.76. The firm has a market capitalization of $13.02 billion, a P/E ratio of 122.09, a P/E/G ratio of 1.20 and a beta of 1.63.

Onto Innovation (NYSE:ONTO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, research analysts anticipate that Onto Innovation Inc. will post 7.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC increased its holdings in shares of Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 74 shares during the period. Transamerica Financial Advisors LLC lifted its position in Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 115 shares during the last quarter. Millstone Evans Group LLC lifted its position in Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Onto Innovation by 109.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 128 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Onto Innovation in the 4th quarter valued at about $39,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.