5 Best Strong Buy Tech Stocks to Invest In Now

In this article, we will be taking a look at the 5 Best Strong Buy Tech Stocks to Invest In Now. If you want to see the full list, visit 12 Best Strong Buy Tech Stocks to Invest In Now.

5. Onto Innovation Inc. (NYSE:ONTO)

Number of Hedge Fund Holders: 46

Onto Innovation Inc. (NYSE:ONTO) is one of the best Strong Buy stocks on this list.

TheFly reported on May 6 that Needham increased its price target on ONTO to $330 from $320 while maintaining a Buy rating on the shares. The firm noted that the company’s latest quarterly results were broadly in line with expectations, as most of the performance and updated outlook had already been disclosed in a prior pre-announcement. The revised valuation reflects higher earnings per share projections along with improved margin expectations, which supported the upward adjustment in the price target despite limited new surprises in the reported quarter.

Separately, more recently, on May 18, Onto Innovation Inc. (NYSE:ONTO) announced plans to issue $1.1 billion in convertible senior notes due 2031 through a private offering targeted at institutional buyers. The business may also allow initial purchasers to acquire an additional $165 million in notes within a short post-issuance window. Proceeds from the offering are expected to be allocated across multiple purposes, including funding capped call transactions, repurchasing up to approximately $300 million of common stock through privately negotiated deals, and supporting general corporate needs.

A portion of the funds may also be used toward previously announced strategic initiatives, including a potential acquisition of a minority stake in Rigaku Holdings Corporation. The notes will represent senior unsecured obligations and are scheduled to mature in June 2031 unless converted or redeemed earlier.

Onto Innovation Inc. (NYSE:ONTO) is a semiconductor equipment company that provides process control, metrology, and defect inspection systems for chip manufacturing.