Onto Innovation (NYSE:ONTO) Reaches New 52-Week High – Here’s Why

Onto Innovation Inc. (NYSE:ONTO)’s share price hit 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.

Analysts Set New Price Targets

ONTO has been the subject of a number of analyst reports. Cantor Fitzgerald raised their price objective on Onto Innovation from $275.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the company a “buy” rating in a research report on Friday, April 17th. Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Onto Innovation in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $315.00.

Onto Innovation Stock Performance

The company has a market cap of $16.10 billion, a P/E ratio of 151.23, a price-to-earnings-growth ratio of 1.33 and a beta of 1.62. The stock has a 50-day moving average of $270.56 and a two-hundred day moving average of $217.77.

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. Research analysts predict that Onto Innovation Inc. will post 7.11 EPS for the current year.

Institutional Trading of Onto Innovation

A number of institutional investors and hedge funds have recently modified their holdings of ONTO. Root Financial Partners LLC increased its holdings in shares of 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 holdings in shares of Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares in the last quarter. Millstone Evans Group LLC increased its holdings in shares of Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 99 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Onto Innovation by 109.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Onto Innovation in the 4th quarter worth $39,000. Institutional investors own 98.35% of the company’s stock.

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.