Brokerages Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $96.00

Posted by on Apr 23rd, 2023

Shares of Onto Innovation Inc. (NYSE:ONTO – Get Rating) have earned a consensus rating of “Buy” from the six research firms that are covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $96.80.

A number of research analysts recently commented on ONTO shares. StockNews.com started coverage on shares of Onto Innovation in a research report on Thursday, March 16th. They set a “buy” rating on the stock. B. Riley boosted their price objective on shares of Onto Innovation from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Needham & Company LLC boosted their price objective on shares of Onto Innovation from $75.00 to $92.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Jefferies Financial Group started coverage on shares of Onto Innovation in a research report on Thursday. They set a “buy” rating and a $100.00 price objective on the stock. Finally, Benchmark restated a “buy” rating and set a $92.00 price target (up previously from $85.00) on shares of Onto Innovation in a research note on Friday, February 10th.

Onto Innovation Price Performance

NYSE ONTO opened at $82.71 on Thursday. Onto Innovation has a 12 month low of $56.02 and a 12 month high of $89.75. The company’s 50 day simple moving average is $83.09 and its 200 day simple moving average is $77.09. The company has a market capitalization of $4.03 billion, a P/E ratio of 18.42 and a beta of 1.47.

Onto Innovation (NYSE:ONTO – Get Rating) last released its quarterly earnings results on Thursday, February 9th. The semiconductor company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.23. Onto Innovation had a net margin of 22.22% and a return on equity of 17.82%. The business had revenue of $253.27 million for the quarter, compared to analyst estimates of $252.80 million. During the same quarter in the previous year, the business earned $1.23 earnings per share. The firm’s revenue was up 12.2% compared to the same quarter last year. On average, analysts anticipate that Onto Innovation will post 3.71 earnings per share for the current year.

Institutional Trading of Onto Innovation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ellevest Inc. lifted its position in shares of Onto Innovation by 232.0% in the fourth quarter. Ellevest Inc. now owns 415 shares of the semiconductor company’s stock worth $28,000 after buying an additional 290 shares during the last quarter. Wipfli Financial Advisors LLC bought a new position in shares of Onto Innovation in the third quarter worth about $31,000. Public Employees Retirement System of Ohio increased its stake in shares of Onto Innovation by 51.3% in the third quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 175 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Onto Innovation in the second quarter worth about $52,000. Finally, CoreCap Advisors LLC bought a new position in shares of Onto Innovation in the fourth quarter worth about $68,000. Institutional investors and hedge funds own 93.59% of the company’s stock.

About Onto Innovation

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Onto Innovation, Inc engages in designing, developing and manufacturing process control systems. It offers process control, combining global scale with an expanded portfolio of technologies that include: 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging.

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Analyst Recommendations for Onto Innovation (NYSE:ONTO)

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