Onto Innovation (NYSE:ONTO) Hits New 12-Month High at $103.71

Shares of Onto Innovation Inc. (NYSE:ONTO – Get Rating) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $103.71 and last traded at $100.86, with a volume of 63316 shares trading hands. The stock had previously closed at $97.70.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. StockNews.com assumed coverage on Onto Innovation in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Jefferies Financial Group assumed coverage on Onto Innovation in a research note on Thursday, April 20th. They issued a “buy” rating and a $100.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $92.00 price objective (up previously from $85.00) on shares of Onto Innovation in a research note on Friday, February 10th. B. Riley upped their price objective on Onto Innovation from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Finally, Needham & Company LLC boosted their target price on shares of Onto Innovation from $75.00 to $92.00 and gave the company a “buy” rating in a report on Friday, February 10th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.80.

Onto Innovation Price Performance

The stock’s 50 day simple moving average is $86.88 and its two-hundred day simple moving average is $81.21. The firm has a market cap of $5.34 billion, a P/E ratio of 27.24 and a beta of 1.46.

Onto Innovation (NYSE:ONTO – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Onto Innovation had a net margin of 20.67% and a return on equity of 16.09%. The business had revenue of $199.17 million for the quarter, compared to analysts’ expectations of $200.00 million. During the same quarter last year, the company posted $1.31 EPS. The company’s revenue was down 17.5% compared to the same quarter last year. Equities research analysts anticipate that Onto Innovation Inc. will post 3.63 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In related news, Director David Brian Miller sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $99.69, for a total transaction of $498,450.00. Following the completion of the transaction, the director now owns 11,808 shares in the company, valued at approximately $1,177,139.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director David Brian Miller sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $99.69, for a total transaction of $498,450.00. Following the completion of the transaction, the director now owns 11,808 shares in the company, valued at approximately $1,177,139.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Robert Fiordalice sold 669 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $93.15, for a total transaction of $62,317.35. Following the transaction, the senior vice president now owns 15,920 shares in the company, valued at approximately $1,482,948. The disclosure for this sale can be found here. Insiders sold a total of 6,437 shares of company stock valued at $635,417 in the last three months. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ONTO. Price T Rowe Associates Inc. MD boosted its position in Onto Innovation by 55.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,666,438 shares of the semiconductor company’s stock worth $116,217,000 after acquiring an additional 592,920 shares during the last quarter. Norges Bank acquired a new position in Onto Innovation during the fourth quarter worth about $33,441,000. Envestnet Asset Management Inc. boosted its position in Onto Innovation by 572.0% during the first quarter. Envestnet Asset Management Inc. now owns 527,016 shares of the semiconductor company’s stock worth $6,392,000 after acquiring an additional 448,591 shares during the last quarter. Franklin Resources Inc. boosted its position in Onto Innovation by 35.9% during the first quarter. Franklin Resources Inc. now owns 1,617,760 shares of the semiconductor company’s stock worth $142,169,000 after acquiring an additional 427,056 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Onto Innovation during the first quarter worth about $26,541,000. Hedge funds and other institutional investors own 93.59% of the company’s stock.

Onto Innovation Company Profile

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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.