Onto Innovation (NYSE:ONTO) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Onto Innovation (NYSE:ONTO) from a sell rating to a hold rating in a research report sent to investors on Saturday morning.

ONTO has been the topic of a number of other reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Jefferies Financial Group reduced their price target on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Oppenheimer decreased their price target on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Needham & Company LLC cut their price objective on Onto Innovation from $230.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Finally, Benchmark reduced their target price on Onto Innovation from $230.00 to $190.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $177.14.

Onto Innovation Price Performance

Onto Innovation stock opened at $99.29 on Friday. Onto Innovation has a 12-month low of $85.88 and a 12-month high of $238.93. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The firm’s fifty day moving average price is $120.86 and its 200 day moving average price is $156.06.

Onto Innovation (NYSE:ONTO) last announced its 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 company had revenue of $267.00 million during the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company’s revenue was up 16.5% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. Analysts forecast that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Onto Innovation by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company’s stock worth $861,040,000 after purchasing an additional 76,233 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Onto Innovation by 9.2% in the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company’s stock valued at $365,380,000 after buying an additional 183,839 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company’s stock valued at $258,883,000 after acquiring an additional 271,470 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock valued at $252,530,000 after acquiring an additional 444,860 shares during the period. Finally, Invesco Ltd. grew its position in shares of Onto Innovation by 33.9% during the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company’s stock worth $234,344,000 after acquiring an additional 356,161 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Company Profile

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.