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

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

Wall Street Analyst Weigh In

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

Onto Innovation Trading Up 2.5 %

The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 72.89, a P/E/G ratio of 1.36 and a beta of 1.36. The firm’s 50-day moving average is $202.56 and its 200 day moving average is $205.30.

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

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently added to or reduced their stakes in the business. Vaughan Nelson Investment Management L.P. lifted its stake in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after purchasing an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares in the last quarter. Nordea Investment Management AB increased its position in Onto Innovation by 17.8% during the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after buying an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after buying an additional 33,025 shares during the last quarter. Finally, Norden Group LLC bought a new stake in Onto Innovation in the first quarter worth $654,000. 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.