Onto Innovation (NYSE:ONTO) Stock Price Down 10.9% – Time to Sell?

Onto Innovation Inc. (NYSE:ONTO) was down 10.9% on Tuesday . The stock traded as low as $273.31 and last traded at $270.6480. 221,111 shares changed hands during trading, a decline of 79% from the average daily volume of 1,055,460 shares. The stock had previously closed at $303.86.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONTO. Morgan Stanley initiated coverage on shares of Onto Innovation in a report on Sunday, June 14th. They set an “overweight” rating and a $371.00 price objective on the stock. Zacks Research lowered shares of Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.60.

Onto Innovation Stock Down 7.5%

The stock has a fifty day moving average of $294.01 and a two-hundred day moving average of $238.37. The stock has a market cap of $13.98 billion, a price-to-earnings ratio of 131.20, a price-to-earnings-growth ratio of 1.26 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.Onto Innovation’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. On average, research analysts expect that Onto Innovation Inc. will post 7.14 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Onto Innovation by 1,217.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after buying an additional 1,292,772 shares during the last quarter. Franklin Resources Inc. raised its position in Onto Innovation by 21.4% during the fourth quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock worth $213,585,000 after acquiring an additional 238,500 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Onto Innovation by 45.4% in the fourth quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after purchasing an additional 352,316 shares in the last quarter. Paradigm Capital Management Inc. NY grew its position in shares of Onto Innovation by 1.2% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock valued at $177,725,000 after purchasing an additional 12,999 shares during the last quarter. Finally, Geneva Capital Management LLC increased its stake in shares of Onto Innovation by 0.3% during the 3rd quarter. Geneva Capital Management LLC now owns 1,084,447 shares of the semiconductor company’s stock worth $140,132,000 after purchasing an additional 2,785 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.