Onto Innovation (NYSE:ONTO) Shares Gap Down After Insider Selling

Shares of Onto Innovation Inc. (NYSE:ONTO) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $224.50, but opened at $216.86. Onto Innovation shares last traded at $216.33, with a volume of 69,151 shares changing hands.

Specifically, CEO Michael P. Plisinski sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the transaction, the chief executive officer now owns 150,492 shares in the company, valued at approximately $32,986,341.48. This trade represents a 18.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now owns 185,492 shares of the company’s stock, 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.

Analysts Set New Price Targets

A number of analysts have commented on ONTO shares. Cantor Fitzgerald started coverage on shares of Onto Innovation in a research note on Monday, January 13th. They issued an “overweight” rating and a $250.00 price target for the company. Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group lowered their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Oppenheimer reiterated an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $253.75.

Onto Innovation Price Performance

The company has a 50 day moving average of $176.99 and a 200-day moving average of $191.81. The company has a market cap of $10.67 billion, a P/E ratio of 58.66, a price-to-earnings-growth ratio of 1.13 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business 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%. Onto Innovation’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. Research analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

A number of large investors have recently added to or reduced their stakes in the business. Magnetar Financial LLC grew its stake in shares of Onto Innovation by 4.0% during the second quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock valued at $356,000 after buying an additional 63 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Onto Innovation by 22.8% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 74 shares during the last quarter. Northwest & Ethical Investments L.P. increased its stake in shares of Onto Innovation by 7.8% in 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. Quarry LP boosted its position in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares during the period. Finally, Hunter Perkins Capital Management LLC increased its position in shares of Onto Innovation by 3.6% in the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock valued at $483,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.