Onto Innovation (NYSE:ONTO) Trading Down 6.4% – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) dropped 6.4% on Tuesday . The company traded as low as $209.80 and last traded at $210.44. Approximately 222,340 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 547,336 shares. The stock had previously closed at $224.94.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ONTO shares. Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. Oppenheimer lifted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Stifel Nicolaus upped their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, B. Riley lifted their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $261.67.

Onto Innovation Trading Down 9.2 %

The company’s 50 day moving average price is $201.02 and its 200-day moving average price is $205.14. The company has a market capitalization of $10.07 billion, a PE ratio of 74.89, a PEG ratio of 1.36 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm had revenue of $242.33 million for the quarter, compared to analysts’ expectations of $235.43 million. During the same period in the previous year, the company posted $0.79 earnings per share. Onto Innovation’s revenue was up 27.1% compared to the same quarter last year. As a group, analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction dated 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 directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP increased its holdings in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Onto Innovation in the 1st quarter valued at about $28,000. Rise Advisors LLC bought a new position in shares of Onto Innovation during the first quarter worth about $38,000. Finally, GAMMA Investing LLC grew its stake in Onto Innovation by 41.1% in the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.