Onto Innovation (NYSE:ONTO) Reaches New 12-Month Low Following Analyst Downgrade

Onto Innovation Inc. (NYSE:ONTO) hit a new 52-week low on Saturday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $85.88 and last traded at $88.50, with a volume of 8576820 shares. The stock had previously closed at $126.81.

Several other research analysts also recently commented on the company. Needham & Company LLC reduced their price objective on Onto Innovation from $230.00 to $150.00 and set a “buy” rating on the stock in a report on Friday. Oppenheimer reduced their price objective on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday. Jefferies Financial Group reduced their price objective on Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Benchmark reduced their price objective on Onto Innovation from $230.00 to $190.00 and set a “buy” rating on the stock in a report on Friday. Finally, Stifel Nicolaus reduced their price objective on Onto Innovation from $200.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.14.

Institutional Trading of Onto Innovation

Institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its position in shares of Onto Innovation by 1.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company’s stock worth $2,680,000 after purchasing an additional 225 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Onto Innovation by 12.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after purchasing an additional 228,800 shares in the last quarter. Barclays PLC lifted its position in Onto Innovation by 1,296.7% during the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after acquiring an additional 201,640 shares during the period. Fort Washington Investment Advisors Inc. OH lifted its position in Onto Innovation by 40.2% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 140,455 shares of the semiconductor company’s stock worth $23,410,000 after acquiring an additional 40,290 shares during the period. Finally, Argent Capital Management LLC acquired a new stake in Onto Innovation during the 4th quarter worth about $437,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Trading Down 30.2%

The stock has a 50-day simple moving average of $124.11 and a 200 day simple moving average of $159.49. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company had revenue of $267.00 million during the quarter, compared to analysts’ expectations of $267.03 million. During the same quarter in the previous year, the firm posted $1.18 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. As a group, research analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

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.