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

Onto Innovation Inc. (NYSE:ONTO) shares gapped down before the market opened on Friday after Jefferies Financial Group lowered their price target on the stock from $265.00 to $245.00. The stock had previously closed at $198.33, but opened at $187.53. Jefferies Financial Group currently has a buy rating on the stock. Onto Innovation shares last traded at $183.82, with a volume of 169,442 shares trading hands.

Several other research firms have also recently issued reports on ONTO. Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday. Oppenheimer increased their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Finally, Needham & Company LLC reduced their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $254.29.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONTO. Quarry LP raised its position in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Onto Innovation by 675.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares during the period. Fidelis Capital Partners LLC bought a new stake in Onto Innovation in the first quarter worth $28,000. LGT Financial Advisors LLC boosted its stake in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the period. Finally, Fifth Third Bancorp increased its position in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 11.2 %

The company’s 50 day moving average price is $202.50 and its two-hundred day moving average price is $206.68. The firm has a market cap of $8.70 billion, a PE ratio of 47.72, a P/E/G ratio of 1.28 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly 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. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.61%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 EPS. On average, analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

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.