Needham & Company LLC Has Lowered Expectations for Onto Innovation (NYSE:ONTO) Stock Price

by · The Markets Daily

Onto Innovation (NYSE:ONTO – Get Free Report) had its target price reduced by stock analysts at Needham & Company LLC from $245.00 to $230.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 30.61% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Benchmark reaffirmed a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, August 9th. Oppenheimer upped their target price on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus lifted their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Check Out Our Latest Report on Onto Innovation

Onto Innovation Stock Down 11.2 %

Shares of NYSE ONTO opened at $176.10 on Friday. The stock has a market cap of $8.70 billion, a P/E ratio of 47.72, a P/E/G ratio of 1.28 and a beta of 1.37. The firm’s 50-day simple moving average is $202.50 and its 200 day simple moving average is $206.68. Onto Innovation has a fifty-two week low of $115.07 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO – Get Free Report) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.61% and a net margin of 19.44%. The firm had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter in the previous year, the company earned $0.96 earnings per share. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Quarry LP grew its position in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in 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 purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Onto Innovation during the first quarter worth $28,000. LGT Financial Advisors LLC increased its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 84 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

(Get Free Report)

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.

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