Onto Innovation (NYSE:ONTO) Shares Gap Down – What’s Next?

Onto Innovation Inc. (NYSE:ONTO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $133.37, but opened at $123.79. Onto Innovation shares last traded at $118.10, with a volume of 146,308 shares.

Wall Street Analysts Forecast Growth

ONTO has been the topic of a number of recent research reports. StockNews.com upgraded Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Oppenheimer reduced their price objective on shares of Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Jefferies Financial Group dropped their target price on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Stifel Nicolaus set a $200.00 price objective on shares of Onto Innovation and gave the stock a “buy” rating in a research report on Friday, March 28th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $231.88.

Onto Innovation Trading Down 14.4 %

The business’s fifty day moving average price is $146.83 and its two-hundred day moving average price is $173.50. The firm has a market cap of $5.62 billion, a P/E ratio of 28.19, a P/E/G ratio of 0.89 and a beta of 1.46.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Research analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael P. Plisinski sold 30,000 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $211.24, for a total value of $6,337,200.00. Following the sale, the chief executive officer now owns 185,492 shares in the company, valued at $39,183,330.08. The trade was a 13.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,827 shares of company stock worth $18,182,185. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC acquired a new stake in Onto Innovation in the fourth quarter worth $26,000. Mather Group LLC. raised its stake in Onto Innovation by 209.4% during the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after buying an additional 111 shares during the period. Johnson Financial Group Inc. acquired a new stake in Onto Innovation during the 4th quarter worth $38,000. Versant Capital Management Inc lifted its holdings in Onto Innovation by 532.4% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 197 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Onto Innovation by 177.6% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 151 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

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.