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

Onto Innovation Inc. (NYSE:ONTO)’s share price gapped up before the market opened on Friday. The stock had previously closed at $155.99, but opened at $174.95. Onto Innovation shares last traded at $170.2380, with a volume of 116,463 shares.

Analyst Ratings Changes

ONTO has been the topic of several research reports. Evercore reiterated an “outperform” rating and issued a $390.00 price target on shares of Onto Innovation in a report on Friday, August 7th. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. B. Riley Financial restated a “buy” rating on shares of Onto Innovation in a research note on Friday, August 7th. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Jefferies Financial Group upped their price objective on shares of Onto Innovation from $350.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Onto Innovation has a consensus rating of “Buy” and an average target price of $380.00.

Onto Innovation Stock Performance

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 has a market capitalization of $8.38 billion, a PE ratio of 64.09, a price-to-earnings-growth ratio of 0.60 and a beta of 1.66. The firm’s fifty day moving average price is $256.04 and its two-hundred day moving average price is $259.51.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.24. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. The firm had revenue of $343.13 million during the quarter, compared to analysts’ expectations of $325.29 million. During the same period in the previous year, the business posted $1.25 EPS. The business’s revenue was up 35.3% compared to the same quarter last year. As a group, equities research analysts forecast that Onto Innovation Inc. will post 8.04 EPS for the current year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, Director David Miller sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the transaction, the director owned 10,692 shares in the company, valued at approximately $3,207,600. This represents a 15.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $302.30, for a total transaction of $302,300.00. Following the sale, the director directly owned 2,684 shares in the company, valued at approximately $811,373.20. The trade was a 27.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently modified their holdings of ONTO. Fiduciary Financial Advisors purchased a new position in Onto Innovation during the second quarter worth approximately $25,000. Highland Investment Advisors LLC purchased a new stake in shares of Onto Innovation in the second quarter valued at approximately $25,000. Provenance Wealth Advisors LLC purchased a new stake in shares of Onto Innovation in the third quarter valued at approximately $26,000. Millstone Evans Group LLC increased its position in shares of Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 99 shares in the last quarter. Finally, CoreCap Advisors LLC acquired a new position in shares of Onto Innovation during the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.