Onto Innovation (NYSE:ONTO) Trading Down 10.9% – What’s Next?

Onto Innovation Inc. (NYSE:ONTO) traded down 10.9% on Tuesday . The company traded as low as $273.31 and last traded at $270.6480. Approximately 221,111 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,055,460 shares. The stock had previously closed at $303.86.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Evercore reissued an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research note on Friday, April 17th. B. Riley Financial boosted their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Needham & Company LLC raised their target price on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.60.

Onto Innovation Stock Performance

The company has a market capitalization of $13.98 billion, a PE ratio of 131.20, a P/E/G ratio of 1.26 and a beta of 1.55. The business has a fifty day moving average price of $294.01 and a 200 day moving average price of $238.37.

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

Hedge Funds Weigh In On Onto Innovation

Hedge funds have recently made changes to their positions in the business. CoreCap Advisors LLC purchased a new stake in Onto Innovation during the 2nd quarter worth $38,000. Trilogy Capital Inc. acquired a new position in shares of Onto Innovation during the second quarter worth about $426,000. Pacer Advisors Inc. boosted its position in shares of Onto Innovation by 8.7% in the first quarter. Pacer Advisors Inc. now owns 364,247 shares of the semiconductor company’s stock worth $74,696,000 after buying an additional 29,229 shares during the period. Parallel Advisors LLC grew its stake in shares of Onto Innovation by 16.5% in the first quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock valued at $81,000 after buying an additional 56 shares in the last quarter. Finally, Cozad Asset Management Inc. purchased a new stake in shares of Onto Innovation during the 1st quarter valued at about $205,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.