RBC Capital Rates Onto Innovation (ONTO) Outperform

RBC Capital maintains a bullish outlook for Onto Innovation with a price target of $400, a 78.76% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:31 PM EDT

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RBC Capital rated Onto Innovation Inc. ($ONTO) "Outperform" with a $400 price target on October 2, 2026.

Since the rating, $ONTO is down 10.1% after 1 week and down 32.7% to date (from the $327.77 close on Oct 2, 2026).

ONTO Onto Innovation Inc.

$220.70 +33.06% year to date

Daily close · Oct 16, 2026

Key Points

On October 2, 2026, RBC Capital reiterated its Outperform rating on Onto Innovation Inc. with a price target of $400. The stock closed at $241.41 before this announcement.
RBC Capital's $400 price target implies 78.76% upside from Onto Innovation Inc.'s ($ONTO) current $223.76 share price.
The firm's bullish stance comes as Onto Innovation operates in the semiconductor equipment sector, which is seeing growth amid rising demand for advanced technologies.
Analysts have a consensus recommendation of 'strong buy' for Onto Innovation, with a mean price target of $387.5 based on 12 opinions.

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RBC Capital has reiterated its Outperform rating on Onto Innovation Inc. (NYSE: ONTO) with a price target of $400. This update was published on October 2, 2026, following the stock's previous close at $241.41.

Analyst rating track record

RBC Capital vs. the S&P 500

YTD return -1.26% hypothetical

All-time return -1.26% S&P 500 +0.30%

vs. S&P 500 -1.56% behind the index

Hypothetical returns from RBC Capital's disclosed trades, not real profit or advice. How we model this.

What Changed in RBC Capital's Onto Innovation Position

RBC Capital's reiteration reflects a strong confidence in Onto Innovation's growth potential in the semiconductor equipment sector. The firm has set a target of $400, indicating a bullish outlook without changing its previous stance.

Other Institutional Activity in Onto Innovation

Several other institutional investors have also adjusted their positions in Onto Innovation. Geode Capital Management, LLC increased its holdings by 222,705 shares, bringing its total to 1,433,715 shares valued at about $320.6 million. State Street Corporation added 55,187 shares, resulting in a total of 1,554,825 shares worth approximately $347.7 million. Meanwhile, Vanguard Capital Management LLC grew its stake by 24,896 shares, totaling 2,247,737 shares valued at about $502.6 million. Both Blackrock Inc. and Vanguard Portfolio Management LLC reduced their holdings slightly, with Blackrock trimming its position by 29,333 shares and Vanguard reducing by 15,086 shares.

Onto Innovation Inc. Stock Down 7.3%

As of the most recent trading day, Onto Innovation's stock was at $241.41. This price is significantly below its 52-week high of $386.46, suggesting potential upside if the market responds positively to RBC Capital's target. The stock has shown volatility, trading well above its 200-day moving average of $258.89.

12-month forecast

$ONTO price target

Onto Innovation Inc. daily closes and this analyst's $400 target. Not advice.

Recent Earnings

In its most recent fiscal year, Onto Innovation reported revenue of approximately $1.12 billion, with a revenue growth rate of 35.3%. The company achieved earnings per share (EPS) of $2.66. The next earnings report is expected on November 5, 2026.

Insider Buying and Selling at Onto Innovation Inc.

Recent insider transactions include Director David B. Miller selling 2,000 shares at an average price of $300 on September 29, 2026, totaling $600,000. Another Director, Susan D. Lynch, sold 1,000 shares at an average price of $302.30 on August 21, 2026, valued at $302,300. Both transactions were not part of a planned trading strategy.

Analysts Set New Price Targets

On October 2, 2026, RBC Capital reiterated its Outperform rating on Onto Innovation with a target price of $400. Earlier, Goldman Sachs initiated coverage with a Buy rating and a $400 target on August 17, 2026. Morgan Stanley maintained an Overweight rating with a reduced target of $360 on September 8, 2026. The consensus among analysts is a strong buy, with a mean price target of $387.5 based on 12 opinions.

About Onto Innovation

Onto Innovation Inc. designs and manufactures tools for semiconductor process control, focusing on macro-defect inspection and metrology. The company serves various markets, including the U.S., Asia, and Europe, and is headquartered in Wilmington, MA. With a workforce of around 1,867 employees, Onto Innovation is positioned to benefit from the growing demand in the semiconductor sector.

Bottom Line

Investors should look for the upcoming earnings report on November 5, 2026, to gauge Onto Innovation's performance. RBC Capital's reiteration reflects a strong belief in the company's future, backed by a solid target price. As the 13F filings are backward-looking, the current positions may differ from those reported.