Onto Innovation (NYSE:ONTO) Reaches New 12-Month Low – Should You Sell?

Onto Innovation Inc. (NYSE:ONTO)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $129.53 and last traded at $135.03, with a volume of 1529265 shares changing hands. The stock had previously closed at $136.01.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Stifel Nicolaus dropped their price target on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Cantor Fitzgerald restated an “overweight” rating and set a $250.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.88.

Onto Innovation Trading Down 0.7 %

The business’s fifty day moving average is $183.52 and its 200 day moving average is $187.23. The firm has a market capitalization of $6.65 billion, a P/E ratio of 33.26, a P/E/G ratio of 0.89 and a beta of 1.31.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, sell-side analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Insider Activity

In other Onto Innovation news, CEO Michael P. Plisinski sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $211.24, for a total value of $6,337,200.00. Following the completion of the sale, the chief executive officer now directly owns 185,492 shares of the company’s stock, valued at $39,183,330.08. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the sale, the senior vice president now directly owns 15,223 shares of the company’s stock, valued at $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock worth $18,182,185 over the last 90 days. 0.72% of the stock is owned by company insiders.

Institutional Trading of Onto Innovation

A number of institutional investors and hedge funds have recently modified their holdings of the company. Polar Asset Management Partners Inc. lifted its stake in shares of Onto Innovation by 20.3% in the fourth quarter. Polar Asset Management Partners Inc. now owns 46,200 shares of the semiconductor company’s stock worth $7,700,000 after buying an additional 7,800 shares during the last quarter. GTS Securities LLC lifted its stake in shares of Onto Innovation by 3.9% in the fourth quarter. GTS Securities LLC now owns 6,806 shares of the semiconductor company’s stock worth $1,134,000 after buying an additional 253 shares during the last quarter. Palisades Investment Partners LLC lifted its stake in shares of Onto Innovation by 9.5% in the fourth quarter. Palisades Investment Partners LLC now owns 20,412 shares of the semiconductor company’s stock worth $3,402,000 after buying an additional 1,771 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Onto Innovation by 11.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 150,084 shares of the semiconductor company’s stock worth $25,015,000 after buying an additional 15,961 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Onto Innovation in the fourth quarter worth $3,104,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.