Onto Innovation (NYSE:ONTO) Downgraded to Hold Rating by Jefferies Financial Group

Jefferies Financial Group downgraded shares of Onto Innovation (NYSE:ONTO) from a buy rating to a hold rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. Jefferies Financial Group currently has $110.00 target price on the semiconductor company’s stock, down from their previous target price of $135.00.

Several other research firms have also commented on ONTO. Needham & Company LLC reduced their price target on shares of Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, May 9th. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research report on Saturday. Cantor Fitzgerald reissued a “neutral” rating and set a $135.00 price objective (down previously from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Stifel Nicolaus decreased their target price on Onto Innovation from $200.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, Oppenheimer cut their price target on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.86.

Onto Innovation Stock Down 3.2%

NYSE:ONTO opened at $97.24 on Tuesday. The firm’s fifty day simple moving average is $119.45 and its 200 day simple moving average is $154.83. The stock has a market cap of $4.75 billion, a P/E ratio of 23.95, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. Onto Innovation has a twelve month low of $85.88 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company had revenue of $267.00 million during the quarter, compared to analysts’ expectations of $267.03 million. During the same quarter last year, the business posted $1.18 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. On average, analysts expect that Onto Innovation will post 6.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Onto Innovation by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company’s stock worth $861,040,000 after buying an additional 76,233 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Onto Innovation by 9.2% in the 4th quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company’s stock worth $365,380,000 after acquiring an additional 183,839 shares during the last quarter. Franklin Resources Inc. raised its stake in Onto Innovation by 21.2% in the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company’s stock worth $258,883,000 after acquiring an additional 271,470 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Onto Innovation by 41.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock worth $252,530,000 after acquiring an additional 444,860 shares during the period. Finally, Invesco Ltd. grew its stake in Onto Innovation by 33.9% during the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company’s stock valued at $234,344,000 after purchasing an additional 356,161 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

About Onto Innovation

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.