Onto Innovation (NYSE:ONTO) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Onto Innovation (NYSE:ONTO) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

ONTO has been the topic of a number of other reports. Needham & Company LLC boosted their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald boosted their price target on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. B. Riley Financial boosted their price target on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Evercore reiterated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a research note on Friday, April 17th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $320.60.

Onto Innovation Stock Down 5.8%

Shares of Onto Innovation stock opened at $316.49 on Monday. Onto Innovation has a 52-week low of $89.40 and a 52-week high of $348.76. The company’s 50-day simple moving average is $274.99 and its 200-day simple moving average is $221.01. The firm has a market cap of $15.74 billion, a price-to-earnings ratio of 147.89, a price-to-earnings-growth ratio of 1.38 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same period in the previous year, the business posted $1.51 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts anticipate that Onto Innovation will post 7.11 EPS for the current year.

Institutional Trading of Onto Innovation

A number of institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in Onto Innovation by 16.5% during the first quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock worth $81,000 after buying an additional 56 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in Onto Innovation by 4.9% during the first quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock worth $281,000 after buying an additional 64 shares in the last quarter. Root Financial Partners LLC boosted its holdings in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after buying an additional 92 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Onto Innovation by 1.9% during the third quarter. Advisors Asset Management Inc. now owns 5,059 shares of the semiconductor company’s stock worth $654,000 after buying an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.