Onto Innovation (NASDAQ:ONTO) Receives New Coverage from Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Onto Innovation (NASDAQ:ONTO) in a research note issued to investors on Thursday morning, The Fly reports. The firm issued a buy rating and a $47.00 target price on the stock.

Separately, TheStreet upgraded shares of Onto Innovation from a c+ rating to a b- rating in a research note on Monday, October 28th.

Shares of NASDAQ ONTO traded down $0.25 during mid-day trading on Thursday, hitting $34.82. 719,100 shares of the company’s stock traded hands, compared to its average volume of 226,223. Onto Innovation has a 1 year low of $25.52 and a 1 year high of $38.60.

Onto Innovation (NASDAQ:ONTO) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.05). The firm had revenue of $73.10 million for the quarter, compared to analysts’ expectations of $75.40 million. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s quarterly revenue was down 4.6% on a year-over-year basis.

About Onto Innovation

Onto Innovation Inc designs, develops, manufactures, and supports process control defect inspection and metrology, advanced packaging lithography, and process control software systems used by microelectronic device manufacturers. It offers process and yield management solutions used in bare silicon wafer production and processing facilities, 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.

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