Onto Innovation (NYSE:ONTO) Shares Up 6.9% – What’s Next?

Shares of Onto Innovation Inc. (NYSE:ONTO) shot up 6.9% on Wednesday . The stock traded as high as $132.23 and last traded at $133.15. 167,146 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,030,859 shares. The stock had previously closed at $124.57.

Analyst Upgrades and Downgrades

ONTO has been the topic of several research analyst reports. StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Oppenheimer decreased their target price on Onto Innovation from $275.00 to $240.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Onto Innovation has an average rating of “Moderate Buy” and a consensus price target of $246.88.

Onto Innovation Price Performance

The firm has a market capitalization of $6.66 billion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The stock’s 50-day moving average price is $179.62 and its 200 day moving average price is $184.37.

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

Insider Activity

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

Institutional Investors Weigh In On Onto Innovation

A number of large investors have recently modified their holdings of the business. UMB Bank n.a. boosted its stake in Onto Innovation by 22.8% in the 4th quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 74 shares in the last quarter. Northwest & Ethical Investments L.P. lifted its stake in shares of Onto Innovation by 7.8% during the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock worth $218,000 after buying an additional 76 shares during the period. Bridge City Capital LLC grew its holdings in shares of Onto Innovation by 1.0% during the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company’s stock valued at $1,361,000 after buying an additional 78 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Onto Innovation by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company’s stock valued at $256,000 after acquiring an additional 81 shares during the period. Finally, Huntington National Bank raised its stake in Onto Innovation by 26.3% in the 3rd quarter. Huntington National Bank now owns 423 shares of the semiconductor company’s stock worth $88,000 after acquiring an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.