Onto Innovation (NYSE:ONTO) Shares Down 8.8% – Here’s What Happened

Shares of Onto Innovation Inc. (NYSE:ONTO) traded down 8.8% during mid-day trading on Tuesday . The company traded as low as $312.22 and last traded at $317.1180. Approximately 606,415 shares traded hands during trading, a decline of 40% from the average daily volume of 1,009,974 shares. The stock had previously closed at $347.87.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ONTO shares. Zacks Research cut shares of Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Freedom Capital raised Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Jefferies Financial Group restated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Oppenheimer increased their price objective on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $328.60.

Onto Innovation Stock Down 9.9%

The stock has a market cap of $15.58 billion, a P/E ratio of 146.42, a PEG ratio of 1.36 and a beta of 1.63. The stock has a fifty day simple moving average of $283.14 and a 200-day simple moving average of $226.32.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter in the previous year, the company earned $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Sell-side analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Hedge Funds Weigh In On Onto Innovation

A number of large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its stake in shares of Onto Innovation by 16.5% in the 1st quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock valued at $81,000 after purchasing an additional 56 shares during the period. Kestra Advisory Services LLC boosted its position in shares of Onto Innovation by 4.9% during the first quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock worth $281,000 after buying an additional 64 shares during the period. Root Financial Partners LLC grew its holdings in shares of Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Onto Innovation by 8.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock valued at $186,000 after buying an additional 92 shares during the last quarter. Finally, Millstone Evans Group LLC raised its position in Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 99 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.