Onto Innovation (NYSE:ONTO) Shares Down 6.9% – Here’s What Happened

Shares of Onto Innovation Inc. (NYSE:ONTO) were down 6.9% during trading on Monday . The stock traded as low as $256.65 and last traded at $253.6740. Approximately 161,298 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 1,058,505 shares. The stock had previously closed at $272.62.

Wall Street Analyst Weigh In

ONTO has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Onto Innovation in a report on Friday. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Deutsche Bank Aktiengesellschaft began coverage on Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Needham & Company LLC upped their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $339.60.

Onto Innovation Stock Performance

The firm’s 50 day moving average is $296.34 and its 200-day moving average is $251.71. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of 117.94, a PEG ratio of 1.11 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same quarter last year, the business earned $1.51 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its stake in shares of Onto Innovation by 1,217.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after purchasing an additional 1,292,772 shares in the last quarter. Franklin Resources Inc. boosted its position in Onto Innovation by 21.4% during the fourth quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock worth $213,585,000 after purchasing an additional 238,500 shares in the last quarter. Geode Capital Management LLC grew its holdings in Onto Innovation by 45.4% in the fourth quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after purchasing an additional 352,316 shares during the period. Paradigm Capital Management Inc. NY grew its holdings in Onto Innovation by 1.2% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock valued at $177,725,000 after purchasing an additional 12,999 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Onto Innovation by 88.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock valued at $151,689,000 after buying an additional 451,084 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Company Profile

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.