Onto Innovation (NYSE:ONTO) Stock Price Down 3%

Onto Innovation Inc. (NYSE:ONTO) was down 3% during mid-day trading on Friday . The stock traded as low as $215.96 and last traded at $215.96. Approximately 57,805 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 549,376 shares. The stock had previously closed at $222.67.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ONTO shares. B. Riley raised their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Oppenheimer started coverage on shares of Onto Innovation in a research report on Wednesday. They issued an “outperform” rating and a $260.00 price target on the stock. Finally, Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $259.17.

Onto Innovation Trading Down 3.5 %

The stock has a market capitalization of $10.59 billion, a P/E ratio of 76.85 and a beta of 1.37. The firm’s fifty day moving average is $195.49 and its 200-day moving average is $202.20.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $235.43 million. During the same period last year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. Equities research analysts expect that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insiders Place Their Bets

In other Onto Innovation 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 completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ONTO. Quarry LP grew its holdings 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. lifted its stake in Onto Innovation by 675.0% in the second 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 in the last quarter. Fidelis Capital Partners LLC bought a new position in Onto Innovation in the first quarter valued at approximately $28,000. Rise Advisors LLC bought a new position in Onto Innovation in the first quarter valued at approximately $38,000. Finally, GAMMA Investing LLC lifted 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 valued at $53,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds 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.