Onto Innovation (NYSE:ONTO) Shares Gap Down – Should You Sell?

Onto Innovation Inc. (NYSE:ONTO) gapped down prior to trading on Tuesday . The stock had previously closed at $100.42, but opened at $97.86. Onto Innovation shares last traded at $98.52, with a volume of 77,339 shares.

Wall Street Analyst Weigh In

Several analysts have recently commented on ONTO shares. Oppenheimer decreased their price objective on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Needham & Company LLC decreased their price target on Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Benchmark lowered their price target on Onto Innovation from $230.00 to $190.00 and set a “buy” rating for the company in a report on Friday, May 9th. StockNews.com upgraded Onto Innovation from a “sell” rating to a “hold” rating in a research note on Saturday, May 17th. Finally, Jefferies Financial Group lowered shares of Onto Innovation from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $110.00 in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and an average target price of $167.86.

Onto Innovation Stock Performance

The firm has a market cap of $4.63 billion, a PE ratio of 23.36, a P/E/G ratio of 0.89 and a beta of 1.55. The company has a 50 day simple moving average of $118.57 and a two-hundred day simple moving average of $154.42.

Onto Innovation (NYSE:ONTO) last issued 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 firm had revenue of $267.00 million for the quarter, compared to analyst estimates of $267.03 million. During the same quarter in the prior year, the firm earned $1.18 earnings per share. Onto Innovation’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, research analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Integrity Alliance LLC. purchased a new stake in Onto Innovation in the 1st quarter worth approximately $253,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Onto Innovation by 8.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock valued at $19,810,000 after purchasing an additional 13,175 shares during the period. United Services Automobile Association purchased a new stake in Onto Innovation during the first quarter worth $388,000. Fred Alger Management LLC boosted its holdings in Onto Innovation by 121.6% during the first quarter. Fred Alger Management LLC now owns 16,253 shares of the semiconductor company’s stock worth $1,972,000 after buying an additional 8,919 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Onto Innovation by 76.4% during the first quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock valued at $58,517,000 after buying an additional 208,907 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.