Onto Innovation (NYSE:ONTO) Shares Down 6.4% – Should You Sell?

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

Analyst Ratings Changes

Several research analysts have recently issued reports on ONTO shares. 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. B. Riley raised their price objective 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 upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their target price on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $261.67.

Onto Innovation Stock Down 9.2 %

The stock has a fifty day moving average price of $201.02 and a 200-day moving average price of $205.14. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 74.89, a price-to-earnings-growth ratio of 1.36 and a beta of 1.36.

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

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Swedbank AB raised its stake in shares of Onto Innovation by 32.2% during the 3rd quarter. Swedbank AB now owns 82,500 shares of the semiconductor company’s stock worth $17,124,000 after buying an additional 20,100 shares during the last quarter. Creative Planning increased its holdings in Onto Innovation by 1.8% during the 3rd quarter. Creative Planning now owns 28,215 shares of the semiconductor company’s stock valued at $5,856,000 after acquiring an additional 489 shares in the last quarter. Shaker Investments LLC OH increased its holdings in Onto Innovation by 29.3% during the 3rd quarter. Shaker Investments LLC OH now owns 5,077 shares of the semiconductor company’s stock valued at $1,054,000 after acquiring an additional 1,149 shares in the last quarter. UMB Bank n.a. raised its position in Onto Innovation by 62.0% during the third quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 124 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Onto Innovation by 69.4% in the third quarter. CWM LLC now owns 1,874 shares of the semiconductor company’s stock valued at $389,000 after purchasing an additional 768 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

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.