Michael P. Plisinski Sells 30,000 Shares of Onto Innovation Inc. (NYSE:ONTO) Stock

Onto Innovation Inc. (NYSE:ONTO) CEO Michael P. Plisinski sold 30,000 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $211.24, for a total transaction of $6,337,200.00. Following the completion of the sale, the chief executive officer now owns 185,492 shares in the company, valued at $39,183,330.08. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Onto Innovation Stock Down 3.6 %

ONTO opened at $216.47 on Friday. The company has a market cap of $10.69 billion, a price-to-earnings ratio of 58.66, a PEG ratio of 1.13 and a beta of 1.29. Onto Innovation Inc. has a 52-week low of $145.15 and a 52-week high of $238.93. The firm’s fifty day simple moving average is $176.99 and its two-hundred day simple moving average is $191.81.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. On average, research analysts forecast that Onto Innovation Inc. will post 5.22 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP lifted its stake in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. Versant Capital Management Inc increased its position in Onto Innovation by 532.4% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares during the last quarter. Berbice Capital Management LLC acquired a new stake in Onto Innovation during the fourth quarter worth about $50,000. Finally, Eastern Bank acquired a new stake in Onto Innovation during the third quarter worth about $65,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC lowered their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 price target on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald assumed coverage on shares of Onto Innovation in a report on Monday, January 13th. They set an “overweight” rating and a $250.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $253.75.

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.