Onto Innovation (NYSE:ONTO) Trading 7% Higher – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO)’s stock price rose 7% during mid-day trading on Monday . The stock traded as high as $194.25 and last traded at $192.59. Approximately 66,568 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 450,255 shares. The stock had previously closed at $180.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group dropped their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer restated an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Needham & Company LLC cut their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Trading Down 0.9 %

The firm has a market capitalization of $9.48 billion, a P/E ratio of 52.00, a PEG ratio of 1.07 and a beta of 1.29. The business has a 50 day moving average of $171.20 and a 200-day moving average of $192.81.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the business posted $0.96 earnings per share. On average, analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Institutional Trading of Onto Innovation

A number of institutional investors have recently modified their holdings of ONTO. Quarry LP raised its position in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares in the last quarter. Eastern Bank acquired a new position in Onto Innovation during the third quarter worth $65,000. Finally, UMB Bank n.a. grew its position in Onto Innovation by 62.0% in the third quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock valued at $67,000 after purchasing an additional 124 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

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.