Oppenheimer Cuts Onto Innovation (NYSE:ONTO) Price Target to $240.00

Onto Innovation (NYSE:ONTO) had its price objective reduced by Oppenheimer from $275.00 to $240.00 in a research note published on Thursday,Benzinga reports. Oppenheimer currently has an outperform rating on the semiconductor company’s stock.

Other analysts have also recently issued research reports about the stock. StockNews.com cut shares of Onto Innovation from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Stifel Nicolaus decreased their target price on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $250.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Finally, Jefferies Financial Group cut their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $246.88.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $159.23 on Thursday. The company’s 50 day simple moving average is $186.90 and its 200 day simple moving average is $189.41. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 39.22, a price-to-earnings-growth ratio of 0.89 and a beta of 1.31. Onto Innovation has a 1 year low of $145.15 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, analysts anticipate that Onto Innovation will post 6.26 EPS for the current fiscal year.

Insider Activity at Onto Innovation

In related news, CEO Michael P. Plisinski sold 35,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total value of $7,671,650.00. Following the transaction, the chief executive officer now owns 150,492 shares in the company, valued at $32,986,341.48. The trade was a 18.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the transaction, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock worth $18,182,185 over the last quarter. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently bought and sold shares of the company. GTS Securities LLC increased its stake in Onto Innovation by 3.9% in the fourth quarter. GTS Securities LLC now owns 6,806 shares of the semiconductor company’s stock valued at $1,134,000 after purchasing an additional 253 shares in the last quarter. Palisades Investment Partners LLC increased its stake in Onto Innovation by 9.5% in the fourth quarter. Palisades Investment Partners LLC now owns 20,412 shares of the semiconductor company’s stock valued at $3,402,000 after purchasing an additional 1,771 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Onto Innovation by 11.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 150,084 shares of the semiconductor company’s stock valued at $25,015,000 after purchasing an additional 15,961 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in Onto Innovation in the fourth quarter valued at $3,104,000. Finally, iSAM Funds UK Ltd bought a new stake in Onto Innovation in the fourth quarter valued at $328,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.