Onto Innovation (NYSE:ONTO) Hits New 52-Week High – Still a Buy?

Onto Innovation Inc. (NYSE:ONTO) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $319.00 and last traded at $319.0750, with a volume of 435825 shares traded. The stock had previously closed at $303.53.

Wall Street Analyst Weigh In

Several research firms recently commented on ONTO. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Evercore reaffirmed an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a research note on Friday, April 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Finally, Needham & Company LLC increased their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $315.00.

Onto Innovation Stock Up 5.9%

The firm has a market cap of $15.99 billion, a P/E ratio of 149.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.62. The stock’s 50-day moving average is $268.32 and its 200-day moving average is $217.03.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 EPS. As a group, analysts expect that Onto Innovation Inc. will post 7.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Onto Innovation by 1,217.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after buying an additional 1,292,772 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of Onto Innovation by 80.3% during the 3rd quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock worth $256,083,000 after acquiring an additional 882,901 shares during the last quarter. Norges Bank purchased a new position in shares of Onto Innovation in the 4th quarter valued at $104,938,000. Jennison Associates LLC grew its stake in Onto Innovation by 1,293.5% during the 4th quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock valued at $107,475,000 after purchasing an additional 631,965 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Onto Innovation by 315.8% during the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after acquiring an additional 467,587 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.