Zacks Research Upgrades Onto Innovation (NYSE:ONTO) to “Strong-Buy”

Onto Innovation (NYSE:ONTO) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports. Zacks Research also issued estimates for Onto Innovation’s FY2028 earnings at $9.44 EPS.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Cantor Fitzgerald upped their price target on Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the company a “buy” rating in a research note on Friday, April 17th. Oppenheimer boosted their price objective on Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $339.60.

Onto Innovation Price Performance

NYSE ONTO opened at $305.02 on Tuesday. The firm’s 50-day moving average is $295.44 and its two-hundred day moving average is $245.67. Onto Innovation has a 12 month low of $89.40 and a 12 month high of $386.46. The stock has a market capitalization of $15.17 billion, a P/E ratio of 142.54, a PEG ratio of 1.30 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping 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 company had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same quarter last year, the firm posted $1.51 earnings per share. Onto Innovation’s revenue was up 9.5% compared to the same quarter last year. As a group, analysts anticipate that Onto Innovation will post 7.14 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Root Financial Partners LLC lifted its stake in Onto Innovation by 71.2% in 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. Transamerica Financial Advisors LLC increased its position in shares of 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 increased its position in shares of 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. CoreCap Advisors LLC acquired a new stake in shares of Onto Innovation in the 2nd quarter valued at $38,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Onto Innovation by 109.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 128 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Company Profile

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.