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

Onto Innovation Inc. (NYSE:ONTO) gapped down before the market opened on Thursday. The stock had previously closed at $222.14, but opened at $205.38. Onto Innovation shares last traded at $203.6110, with a volume of 95,114 shares.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ONTO shares. Zacks Research raised Onto Innovation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Morgan Stanley cut their target price on Onto Innovation from $383.00 to $360.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 8th. The Goldman Sachs Group started coverage on Onto Innovation in a research report on Monday, August 17th. They set a “buy” rating and a $400.00 price target for the company. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Royal Bank Of Canada began coverage on Onto Innovation in a research note on Friday, October 2nd. They issued an “outperform” rating and a $400.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Onto Innovation currently has a consensus rating of “Buy” and a consensus target price of $380.00.

Onto Innovation Stock Down 10.1%

The stock has a market cap of $9.80 billion, a P/E ratio of 74.94, a price-to-earnings-growth ratio of 0.72 and a beta of 1.58. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77. The stock’s 50-day moving average is $279.42 and its 200-day moving average is $283.81.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.24. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. The company had revenue of $343.13 million for the quarter, compared to the consensus estimate of $325.29 million. During the same period in the previous year, the firm earned $1.25 EPS. Onto Innovation’s revenue was up 35.3% on a year-over-year basis. Onto Innovation has set its Q3 2026 guidance at 2.180-2.380 EPS. As a group, research analysts anticipate that Onto Innovation Inc. will post 8.04 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In related news, Director Susan Lynch sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the transaction, the director owned 2,684 shares in the company, valued at $811,373.20. This trade represents a 27.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Miller sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the director directly owned 10,692 shares in the company, valued at approximately $3,207,600. The trade was a 15.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Andar Capital Management HK Ltd acquired a new position in shares of Onto Innovation during the 2nd quarter valued at $69,000,000. BlackRock Inc. bought a new stake in shares of Onto Innovation in the 2nd quarter worth $2,083,436,000. Paradigm Capital Management Inc. NY acquired a new stake in shares of Onto Innovation in the second quarter valued at $416,839,000. William Blair Investment Management LLC acquired a new stake in shares of Onto Innovation in the second quarter valued at $251,812,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Onto Innovation in the second quarter valued at $162,052,000. 98.35% of the stock is owned by institutional investors.

Onto Innovation Company Profile

Onto Innovation Inc (NYSE: ONTO) develops process control and inspection equipment used by semiconductor manufacturers and advanced packaging companies. Its products help customers monitor, measure and improve manufacturing processes throughout the production of integrated circuits, wafers and packaged semiconductor devices.

The company offers optical metrology systems, wafer and macro-defect inspection tools, advanced packaging inspection and metrology solutions, lithography systems, and process control software.