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

Onto Innovation Inc. (NYSE:ONTO)’s share price gapped down before the market opened on Friday after Needham & Company LLC lowered their price target on the stock from $245.00 to $230.00. The stock had previously closed at $198.33, but opened at $187.53. Needham & Company LLC currently has a buy rating on the stock. Onto Innovation shares last traded at $183.82, with a volume of 169,442 shares.

ONTO has been the topic of several other research reports. Oppenheimer increased their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.14.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ONTO. TFB Advisors LLC increased its position in Onto Innovation by 6.4% in the 3rd quarter. TFB Advisors LLC now owns 2,290 shares of the semiconductor company’s stock valued at $475,000 after acquiring an additional 138 shares during the period. Portside Wealth Group LLC increased its holdings in Onto Innovation by 49.1% in the third quarter. Portside Wealth Group LLC now owns 1,557 shares of the semiconductor company’s stock valued at $323,000 after purchasing an additional 513 shares during the period. Asset Management One Co. Ltd. acquired a new stake in Onto Innovation in the third quarter valued at $176,000. Van ECK Associates Corp lifted its holdings in Onto Innovation by 28.5% during the 3rd quarter. Van ECK Associates Corp now owns 586 shares of the semiconductor company’s stock worth $118,000 after buying an additional 130 shares during the period. Finally, VELA Investment Management LLC grew its position in shares of Onto Innovation by 85.9% in the 3rd quarter. VELA Investment Management LLC now owns 3,128 shares of the semiconductor company’s stock valued at $649,000 after buying an additional 1,445 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Trading Down 7.6 %

The stock has a market cap of $9.04 billion, a P/E ratio of 54.87, a price-to-earnings-growth ratio of 1.33 and a beta of 1.36. The business has a 50-day simple moving average of $203.24 and a 200 day simple moving average of $206.62.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the prior year, the business posted $0.96 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. As a group, equities analysts expect that Onto Innovation Inc. will post 5.18 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.