Onto Innovation (NYSE:ONTO) Stock Price Target Lowered at Freedom Broker

Onto Innovation (NYSE:ONTO) had its target price reduced by research analysts at Freedom Broker from $410.00 to $325.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Freedom Broker‘s target price would suggest a potential upside of 50.43% from the stock’s previous close.

A number of other research firms have also recently commented on ONTO. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. B. Riley Financial dropped their price objective on shares of Onto Innovation from $340.00 to $285.00 and set a “buy” rating on the stock in a research report on Monday. Needham & Company LLC cut their target price on shares of Onto Innovation from $360.00 to $285.00 and set a “buy” rating for the company in a research note on Tuesday. The Goldman Sachs Group began coverage on shares of Onto Innovation in a research note on Monday, August 17th. They set a “buy” rating and a $400.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Onto Innovation in a report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $352.08.

Onto Innovation Stock Performance

Shares of Onto Innovation stock traded up $18.53 during trading on Wednesday, hitting $216.04. 1,023,862 shares of the stock were exchanged, compared to its average volume of 1,064,962. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 71.14, a price-to-earnings-growth ratio of 0.63 and a beta of 1.66. The company has a fifty day moving average price of $250.73 and a 200-day moving average price of $259.12. Onto Innovation has a 1-year low of $121.57 and a 1-year high of $386.46. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Monday, November 9th. The semiconductor company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.14. The business had revenue of $409.75 million during the quarter, compared to analysts’ expectations of $392.08 million. Onto Innovation had a return on equity of 17.03% and a net margin of 11.53%. Onto Innovation’s quarterly revenue was up 87.8% on a year-over-year basis. During the same quarter last year, the company posted $0.92 earnings per share. As a group, equities analysts predict that Onto Innovation will post 8.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Miller sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the director owned 10,692 shares of the company’s stock, valued at $3,207,600. This represents a 15.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $302.30, for a total value of $302,300.00. Following the transaction, the director owned 2,684 shares in the company, valued at approximately $811,373.20. This trade represents a 27.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Onto Innovation

Several large investors have recently modified their holdings of ONTO. Advisors Asset Management Inc. acquired a new stake in Onto Innovation during the third quarter worth about $844,000. Private Advisor Group LLC raised its position in shares of Onto Innovation by 87.8% in the 3rd quarter. Private Advisor Group LLC now owns 1,632 shares of the semiconductor company’s stock valued at $502,000 after buying an additional 763 shares in the last quarter. Independent Advisor Alliance raised its position in shares of Onto Innovation by 4.8% in the 3rd quarter. Independent Advisor Alliance now owns 2,084 shares of the semiconductor company’s stock valued at $613,000 after buying an additional 96 shares in the last quarter. Stephens Investment Management Group LLC lifted its holdings in shares of Onto Innovation by 12.6% during the 3rd quarter. Stephens Investment Management Group LLC now owns 208,900 shares of the semiconductor company’s stock worth $64,304,000 after acquiring an additional 23,423 shares during the period. Finally, Brilliance Asset Management Ltd. bought a new stake in shares of Onto Innovation during the 3rd quarter worth approximately $698,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Onto Innovation

Investors following ONTO have been watching these headlines:

• Positive Sentiment: Evercore initiated coverage with a “strong buy” rating, adding another bullish analyst view. Evercore ratings
• Neutral Sentiment: Jefferies, Morgan Stanley and RBC lowered their price targets to $350, $325 and $350, respectively, while keeping buy, overweight or outperform ratings. The cuts suggest more restrained assumptions, although the revised targets still imply substantial upside from the cited share price. Morgan Stanley ratings
• Negative Sentiment: Commentary on the results also flagged valuation and execution risks, which could limit gains if Onto does not convert strong demand and its backlog into sustained growth. Zacks analysis of Onto Innovation

About Onto Innovation

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects. The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.