Cantor Fitzgerald Initiates Coverage on Onto Innovation (NYSE:ONTO)

Equities researchers at Cantor Fitzgerald initiated coverage on shares of Onto Innovation (NYSE:ONTOGet Free Report) in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $250.00 price target on the semiconductor company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 31.68% from the company’s current price.

Several other research firms also recently issued reports on ONTO. Jefferies Financial Group reduced their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Needham & Company LLC cut their price objective 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. Oppenheimer reaffirmed an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.75.

View Our Latest Research Report on Onto Innovation

Onto Innovation Stock Down 1.2 %

NYSE:ONTO opened at $189.86 on Monday. The company has a fifty day moving average of $171.03 and a 200-day moving average of $192.29. The firm has a market capitalization of $9.38 billion, a P/E ratio of 51.45, a P/E/G ratio of 1.07 and a beta of 1.29. Onto Innovation has a twelve month low of $138.27 and a twelve month high of $238.93.

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

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Onto Innovation by 12.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock valued at $416,863,000 after acquiring an additional 228,800 shares during the period. State Street Corp raised its stake in Onto Innovation by 2.8% in the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock valued at $305,107,000 after acquiring an additional 39,367 shares during the period. Franklin Resources Inc. raised its stake in Onto Innovation by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock valued at $288,320,000 after acquiring an additional 54,868 shares during the period. Congress Asset Management Co. increased its position in shares of Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after buying an additional 295,869 shares during the period. Finally, Geneva Capital Management LLC increased its position in shares of Onto Innovation by 2.6% during the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after buying an additional 23,628 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Company Profile

(Get Free Report)

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.

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