Onto Innovation (NYSE:ONTO) Rating Lowered to “Hold” at Zacks Research

Onto Innovation (NYSE:ONTO) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Oppenheimer reissued an “outperform” rating on shares of Onto Innovation in a research note on Monday, June 1st. Morgan Stanley initiated coverage on shares of Onto Innovation in a research note on Sunday. They set an “overweight” rating and a $371.00 price objective for the company. Needham & Company LLC raised their price objective on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald raised their price objective on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Finally, Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $320.60.

Onto Innovation Price Performance

Shares of ONTO opened at $316.49 on Monday. The firm has a 50 day simple moving average of $274.99 and a 200-day simple moving average of $221.01. Onto Innovation has a 1-year low of $89.40 and a 1-year high of $348.76. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 147.89, a price-to-earnings-growth ratio of 1.38 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same period last year, the company posted $1.51 EPS. The company’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts expect that Onto Innovation will post 7.11 earnings per share for the current fiscal year.

Institutional Trading of Onto Innovation

Hedge funds have recently bought and sold shares of the company. Millstone Evans Group LLC boosted its position in Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 99 shares during the last quarter. Transamerica Financial Advisors LLC boosted its position in Onto Innovation by 188.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 115 shares during the last quarter. Root Financial Partners LLC boosted its position in Onto Innovation by 71.2% during the fourth 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 last quarter. CIBC Private Wealth Group LLC boosted its position in Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 128 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Onto Innovation during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.