Onto Innovation (NYSE:ONTO) Price Target Lowered to $100.00 at Needham & Company LLC

Onto Innovation (NYSE:ONTOGet Rating) had its price target reduced by analysts at Needham & Company LLC from $115.00 to $100.00 in a report released on Wednesday, The Fly reports. Needham & Company LLC’s price target indicates a potential upside of 38.05% from the stock’s current price.

A number of other research firms also recently commented on ONTO. Stifel Nicolaus increased their price objective on Onto Innovation from $100.00 to $125.00 in a report on Friday, January 14th. StockNews.com initiated coverage on Onto Innovation in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, B. Riley dropped their price objective on Onto Innovation from $125.00 to $115.00 in a report on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $109.40.

Shares of ONTO opened at $72.44 on Wednesday. The firm has a market cap of $3.58 billion, a P/E ratio of 25.24 and a beta of 1.28. Onto Innovation has a fifty-two week low of $56.56 and a fifty-two week high of $106.09. The firm has a 50-day simple moving average of $79.47.

Onto Innovation (NYSE:ONTOGet Rating) last issued its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.14. The company had revenue of $241.35 million for the quarter, compared to the consensus estimate of $232.00 million. Onto Innovation had a return on equity of 14.18% and a net margin of 18.04%. The firm’s quarterly revenue was up 42.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.73 EPS. On average, analysts anticipate that Onto Innovation will post 4.87 EPS for the current year.

Several large investors have recently made changes to their positions in the company. CWM LLC boosted its holdings in Onto Innovation by 186.1% in the first quarter. CWM LLC now owns 309 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 201 shares during the last quarter. Liberty Wealth Management LLC boosted its holdings in Onto Innovation by 96.1% in the third quarter. Liberty Wealth Management LLC now owns 400 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 196 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Onto Innovation by 78.6% in the fourth quarter. Quadrant Capital Group LLC now owns 384 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 169 shares during the last quarter. Signaturefd LLC boosted its holdings in Onto Innovation by 144.8% in the first quarter. Signaturefd LLC now owns 448 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 265 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Onto Innovation in the fourth quarter valued at about $72,000. Institutional investors own 94.34% of the company’s stock.

About Onto Innovation (Get Rating)

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It offers process and yield management solutions, and device packaging and test facilities through standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, and transparent and opaque thin film measurements; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.

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