Onto Innovation (NYSE:ONTO) Trading Down 7.5% – What’s Next?

Onto Innovation Inc. (NYSE:ONTO)’s stock price dropped 7.5% during trading on Wednesday . The company traded as low as $345.00 and last traded at $350.1240. Approximately 313,223 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,046,090 shares. The stock had previously closed at $378.45.

Wall Street Analyst Weigh In

ONTO has been the topic of several recent analyst reports. Zacks Research cut Onto Innovation from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Cantor Fitzgerald raised their price target on Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a report on Monday. Evercore reissued an “outperform” rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. B. Riley Financial lifted their price target on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a report on Friday, June 5th. They set a “buy” rating and a $350.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.60.

Onto Innovation Stock Down 12.1%

The business’s fifty day moving average is $293.56 and its 200 day moving average is $236.24. The stock has a market cap of $15.36 billion, a PE ratio of 144.33, a P/E/G ratio of 1.43 and a beta of 1.55.

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, beating analysts’ consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $1.51 earnings per share. As a group, analysts predict that Onto Innovation Inc. will post 7.14 EPS for the current year.

Institutional Trading of Onto Innovation

A number of institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in shares of Onto Innovation by 16.5% during 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 during the period. Kestra Advisory Services LLC boosted its position in Onto Innovation by 4.9% during the first quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 64 shares during the last quarter. Root Financial Partners LLC grew its stake in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 74 shares during the period. Smartleaf Asset Management LLC grew its stake in Onto Innovation by 8.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after acquiring an additional 92 shares during the period. Finally, Millstone Evans Group LLC raised its holdings in Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

About Onto Innovation

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.