Onto Innovation (NYSE:ONTO) Shares Gap Down to $123.07

Onto Innovation Inc. (NYSE:ONTO) gapped down prior to trading on Friday . The stock had previously closed at $123.07, but opened at $120.00. Onto Innovation shares last traded at $126.74, with a volume of 92,259 shares.

Analyst Ratings Changes

Several analysts recently issued reports on ONTO shares. StockNews.com started coverage on Onto Innovation in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Onto Innovation in a research note on Friday. Stifel Nicolaus boosted their price objective on Onto Innovation from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday. Finally, B. Riley lifted their target price on Onto Innovation from $135.00 to $140.00 in a report on Monday, July 17th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Onto Innovation has an average rating of “Moderate Buy” and an average target price of $124.17.

Onto Innovation Price Performance

The firm has a market cap of $6.66 billion, a PE ratio of 42.49 and a beta of 1.35. The business has a fifty day moving average price of $125.56 and a two-hundred day moving average price of $113.92.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, November 9th. The semiconductor company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Onto Innovation had a return on equity of 12.85% and a net margin of 18.47%. The firm had revenue of $207.19 million for the quarter, compared to the consensus estimate of $215.20 million. During the same quarter in the previous year, the company posted $1.35 earnings per share. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 3.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Mark Slicer sold 3,005 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $125.14, for a total transaction of $376,045.70. Following the completion of the transaction, the chief financial officer now owns 13,111 shares of the company’s stock, valued at approximately $1,640,710.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Mark Slicer sold 3,005 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $125.14, for a total transaction of $376,045.70. Following the completion of the transaction, the chief financial officer now owns 13,111 shares of the company’s stock, valued at approximately $1,640,710.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 31,000 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $112.85, for a total value of $3,498,350.00. Following the transaction, the chief executive officer now directly owns 251,794 shares of the company’s stock, valued at approximately $28,414,952.90. The disclosure for this sale can be found here. Insiders sold 42,523 shares of company stock valued at $4,958,113 over the last quarter. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Onto Innovation by 1.6% during the third quarter. Vanguard Group Inc. now owns 5,538,842 shares of the semiconductor company’s stock valued at $354,762,000 after acquiring an additional 87,051 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of Onto Innovation by 14.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,891,994 shares of the semiconductor company’s stock valued at $128,826,000 after purchasing an additional 239,310 shares during the period. State Street Corp grew its stake in shares of Onto Innovation by 3.6% in the 1st quarter. State Street Corp now owns 1,687,670 shares of the semiconductor company’s stock valued at $148,312,000 after purchasing an additional 58,146 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Onto Innovation by 55.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,666,438 shares of the semiconductor company’s stock valued at $116,217,000 after purchasing an additional 592,920 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Onto Innovation by 35.9% in the 1st quarter. Franklin Resources Inc. now owns 1,617,760 shares of the semiconductor company’s stock valued at $142,169,000 after purchasing an additional 427,056 shares during the period. 94.78% of the stock is currently owned by institutional investors.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It 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; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.