Onto Innovation (NYSE:ONTO) Trading Down 8.8% – Time to Sell?

Onto Innovation Inc. (NYSE:ONTO)’s share price traded down 8.8% during trading on Tuesday . The stock 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ONTO shares. B. Riley Financial upped their target price on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a report on Monday, April 13th. Cantor Fitzgerald boosted their price objective on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Jefferies Financial Group restated a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th. One equities 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 data from MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and an average price target of $328.60.

Onto Innovation Price Performance

The stock has a market cap of $17.04 billion, a P/E ratio of 160.02, a PEG ratio of 1.29 and a beta of 1.62. The firm’s fifty day moving average price is $285.65 and its two-hundred day moving average price is $228.56.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 earnings per share. On average, research analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its position 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 worth $81,000 after buying an additional 56 shares during the period. Kestra Advisory Services LLC increased its stake 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 valued at $281,000 after purchasing an additional 64 shares in the last quarter. Root Financial Partners LLC lifted 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 valued at $28,000 after purchasing an additional 74 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock valued at $186,000 after purchasing an additional 92 shares during the last quarter. Finally, Millstone Evans Group LLC boosted its position in shares of Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 99 shares in the last quarter. Hedge funds and other 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.