Onto Innovation (NYSE:ONTO) Shares Up 1%

Onto Innovation Inc. (NYSE:ONTO) was up 1% during trading on Monday . The stock traded as high as $159.96 and last traded at $159.96. Approximately 14,845 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 533,488 shares. The stock had previously closed at $158.45.

Analyst Ratings Changes

ONTO has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Onto Innovation in a research note on Friday, May 10th. B. Riley lifted their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Stifel Nicolaus upped their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Jefferies Financial Group initiated coverage on shares of Onto Innovation in a research report on Monday, May 13th. They set a “buy” rating and a $265.00 target price on the stock. Finally, Benchmark upped their price objective on shares of Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $259.00.

Onto Innovation Trading Down 2.7 %

The firm has a market cap of $8.08 billion, a P/E ratio of 59.95 and a beta of 1.39. The company’s 50 day simple moving average is $212.78 and its 200-day simple moving average is $196.15.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.08. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business had revenue of $228.80 million during the quarter, compared to analyst estimates of $222.60 million. During the same period last year, the firm posted $0.92 EPS. The company’s revenue was up 14.9% on a year-over-year basis. On average, sell-side analysts anticipate that Onto Innovation Inc. will post 5.05 earnings per share for the current year.

Insider Activity

In other news, CFO Mark Slicer sold 519 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $221.21, for a total transaction of $114,807.99. Following the sale, the chief financial officer now owns 12,552 shares in the company, valued at $2,776,627.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total transaction of $317,112.40. Following the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the sale, the chief financial officer now directly owns 12,552 shares in the company, valued at approximately $2,776,627.92. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its position in Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after acquiring an additional 15,451 shares during the period. Retirement Systems of Alabama bought a new stake in shares of Onto Innovation during the 4th quarter worth $9,399,000. Allspring Global Investments Holdings LLC boosted its position in shares of Onto Innovation by 854.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after buying an additional 265,042 shares during the period. Eagle Asset Management Inc. boosted its position in shares of Onto Innovation by 36.8% in the fourth quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after buying an additional 79,530 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Onto Innovation by 106.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 7,263 shares of the semiconductor company’s stock valued at $1,111,000 after purchasing an additional 3,746 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 Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.