Onto Innovation (NYSE:ONTO) Trading Down 3.2%

Onto Innovation Inc. (NYSE:ONTO) fell 3.2% during mid-day trading on Friday . The company traded as low as $171.46 and last traded at $171.98. 119,616 shares were traded during mid-day trading, a decline of 71% from the average session volume of 411,818 shares. The stock had previously closed at $177.63.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ONTO. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Evercore ISI assumed coverage on shares of Onto Innovation in a research report on Tuesday. They issued an “outperform” rating and a $235.00 price target on the stock. Stifel Nicolaus lifted their price target on shares of Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, March 25th. Benchmark lifted their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, B. Riley lifted their price target on shares of Onto Innovation from $195.00 to $205.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $191.60.

Onto Innovation Stock Performance

The company’s 50 day moving average price is $182.01 and its 200 day moving average price is $155.09. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 69.10 and a beta of 1.40.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, February 8th. The semiconductor company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.99 by $0.07. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The company had revenue of $219.00 million for the quarter, compared to the consensus estimate of $209.06 million. During the same quarter in the previous year, the company earned $1.57 EPS. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, analysts predict that Onto Innovation Inc. will post 4.7 EPS for the current year.

Insider Buying and Selling

In related news, Director David Brian Miller sold 2,800 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the transaction, the director now owns 9,008 shares in the company, valued at approximately $1,535,773.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Onto Innovation news, VP Yoon Ah Oh sold 2,685 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the transaction, the vice president now directly owns 16,598 shares in the company, valued at approximately $2,887,388.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Brian Miller sold 2,800 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the transaction, the director now owns 9,008 shares in the company, valued at $1,535,773.92. The disclosure for this sale can be found here. Insiders have sold a total of 47,170 shares of company stock worth $8,266,955 in the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp increased its stake in shares of Onto Innovation by 198.3% in the 4th quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 115 shares during the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Onto Innovation in the 4th quarter valued at about $28,000. GAMMA Investing LLC bought a new stake in shares of Onto Innovation in the 4th quarter valued at about $33,000. Rise Advisors LLC bought a new stake in shares of Onto Innovation in the 1st quarter valued at about $38,000. Finally, Huntington National Bank increased its stake in Onto Innovation by 70.3% during the 3rd quarter. Huntington National Bank now owns 247 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 102 shares in the last quarter. 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.