Onto Innovation (NYSE:ONTO) Shares Gap Up – Should You Buy?

Onto Innovation Inc. (NYSE:ONTO)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $291.45, but opened at $313.63. Onto Innovation shares last traded at $326.9450, with a volume of 292,058 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Oppenheimer lifted their price target on Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Needham & Company LLC raised their price objective on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Jefferies Financial Group restated a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Finally, Cantor Fitzgerald increased their price target on shares of Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus target price of $339.60.

Onto Innovation Stock Performance

The business has a 50-day moving average price of $293.30 and a 200 day moving average price of $240.28. The stock has a market capitalization of $16.18 billion, a P/E ratio of 150.95, a PEG ratio of 1.14 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 11.68% and a net margin of 10.32%.The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company earned $1.51 EPS. As a group, research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently modified their holdings of the stock. Root Financial Partners LLC boosted its stake in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC increased its stake in Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 115 shares in the last quarter. Millstone Evans Group LLC increased its stake in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. CoreCap Advisors LLC purchased a new position in Onto Innovation in the second quarter worth about $38,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after buying an additional 128 shares during 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.