Onto Innovation’s (ONTO) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Onto Innovation (NYSE:ONTO) in a report issued on Friday morning,Benzinga reports. They currently have a $230.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Jefferies Financial Group reduced their price objective 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. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a research report on Tuesday, December 17th. Finally, Cantor Fitzgerald assumed coverage on Onto Innovation in a research report on Monday, January 13th. They set an “overweight” rating and a $250.00 target price for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $251.25.

Onto Innovation Stock Down 10.8 %

ONTO stock opened at $187.81 on Friday. The stock’s 50 day moving average is $185.54 and its 200-day moving average is $190.38. Onto Innovation has a twelve month low of $145.15 and a twelve month high of $238.93. The firm has a market capitalization of $9.28 billion, a PE ratio of 46.26, a P/E/G ratio of 1.09 and a beta of 1.31.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.41%. On average, equities research analysts anticipate that Onto Innovation will post 6.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael P. Plisinski sold 30,000 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $211.24, for a total value of $6,337,200.00. Following the sale, the chief executive officer now owns 185,492 shares in the company, valued at approximately $39,183,330.08. This represents a 13.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,827 shares of company stock valued at $18,182,185. 0.72% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Onto Innovation in the 4th quarter valued at $26,000. Mather Group LLC. grew its stake in shares of Onto Innovation by 209.4% during the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 111 shares during the last quarter. Versant Capital Management Inc lifted its position in Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 197 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Onto Innovation in the fourth quarter worth $43,000. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.