Onto Innovation (NYSE:ONTO) Shares Down 1.9%

Onto Innovation Inc. (NYSE:ONTO)’s stock price traded down 1.9% during mid-day trading on Thursday . The stock traded as low as $232.03 and last traded at $232.11. 26,161 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 501,971 shares. The stock had previously closed at $236.66.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. B. Riley upped their target price 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. Evercore ISI upped their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Needham & Company LLC reiterated a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Stifel Nicolaus upped their target price on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, March 25th. Finally, Jefferies Financial Group assumed coverage on shares of Onto Innovation in a research report on Monday, May 13th. They issued a “buy” rating and a $265.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $248.00.

Onto Innovation Price Performance

The firm has a market capitalization of $11.19 billion, a P/E ratio of 84.22 and a beta of 1.39. The firm’s 50 day simple moving average is $221.72 and its two-hundred day simple moving average is $189.19.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.10 by $0.08. The firm had revenue of $228.80 million during the quarter, compared to the consensus estimate of $222.60 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share. As a group, equities research analysts forecast that Onto Innovation Inc. will post 5.05 EPS for the current year.

Insider Activity

In other news, CFO Mark Slicer sold 519 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the transaction, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the transaction, the senior vice president now directly owns 17,433 shares of the company’s stock, valued at $3,720,202.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the transaction, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

A number of institutional investors have recently bought and sold shares of ONTO. Fifth Third Bancorp raised its stake in Onto Innovation by 198.3% in the fourth quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock worth $26,000 after buying an additional 115 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in Onto Innovation in the fourth quarter worth about $28,000. Fidelis Capital Partners LLC purchased a new stake in Onto Innovation in the first quarter worth about $28,000. GAMMA Investing LLC purchased a new stake in Onto Innovation in the fourth quarter worth about $33,000. Finally, Rise Advisors LLC purchased a new stake in Onto Innovation in the first quarter worth about $38,000. 98.35% of the stock is owned by institutional investors.

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.