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

Shares of Onto Innovation Inc. (NYSE:ONTO) gapped down prior to trading 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.

A number of other equities research analysts also recently weighed in on ONTO. Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Stifel Nicolaus increased their price objective on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday. Finally, Needham & Company LLC dropped their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now 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 document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. increased its position in shares of Onto Innovation by 24.6% during the 2nd 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 holdings in shares of Onto Innovation by 98.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after acquiring an additional 2,753 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Onto Innovation by 17.8% during the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock worth $18,586,000 after acquiring an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after acquiring an additional 33,025 shares during the last quarter. Finally, Norden Group LLC acquired a new position in shares of Onto Innovation during the 1st quarter worth approximately $654,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Stock Performance

The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 52.52, a price-to-earnings-growth ratio of 1.33 and a beta of 1.36. The business has a fifty day moving average of $202.50 and a two-hundred day moving average of $206.56.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.96 EPS. As a group, sell-side analysts predict that Onto Innovation Inc. will post 5.18 EPS for the current fiscal year.

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.