Onto Innovation (NYSE:ONTO) Shares Gap Down Following Analyst Downgrade

Onto Innovation Inc. (NYSE:ONTO)’s share price gapped down prior to trading on Friday after Stifel Nicolaus lowered their price target on the stock from $270.00 to $250.00. The stock had previously closed at $210.59, but opened at $197.75. Stifel Nicolaus currently has a buy rating on the stock. Onto Innovation shares last traded at $186.58, with a volume of 507,969 shares changing hands.

A number of other research analysts have also issued reports on ONTO. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer reiterated an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a research note on Tuesday, December 17th. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Cantor Fitzgerald started coverage on shares of Onto Innovation in a research note on Monday, January 13th. They issued an “overweight” rating and a $250.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $251.25.

Insider Transactions at Onto Innovation

In related news, CEO Michael P. Plisinski sold 20,000 shares of the business’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total value of $4,003,800.00. Following the sale, the chief executive officer now directly owns 215,492 shares in the company, valued at $43,139,343.48. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares in the company, valued at $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,827 shares of company stock worth $18,182,185. 0.72% of the stock is currently owned by insiders.

Institutional Trading of Onto Innovation

A number of hedge funds have recently made changes to their positions in ONTO. Kestra Investment Management LLC bought a new stake in shares of Onto Innovation in the fourth quarter worth $26,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Mather Group LLC. increased its stake in shares of Onto Innovation by 209.4% in the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after buying an additional 111 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after buying an additional 197 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Onto Innovation in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 10.1 %

The firm has a market cap of $9.36 billion, a P/E ratio of 51.34, a price-to-earnings-growth ratio of 1.06 and a beta of 1.31. The business’s 50 day moving average is $185.54 and its 200-day moving average is $190.38.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. As a group, equities analysts predict that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Onto Innovation Company Profile

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.