Onto Innovation (NYSE:ONTO) Sets New 12-Month Low on Analyst Downgrade

Onto Innovation Inc. (NYSE:ONTO)’s share price hit a new 52-week low during trading on Friday after Jefferies Financial Group lowered their price target on the stock from $245.00 to $175.00. Jefferies Financial Group currently has a buy rating on the stock. Onto Innovation traded as low as $120.68 and last traded at $122.08, with a volume of 249288 shares traded. The stock had previously closed at $128.42.

Several other research analysts have also weighed in on ONTO. StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Oppenheimer dropped their price objective on Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $250.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. Stifel Nicolaus dropped their price target on Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $231.88.

Insider Activity

In other Onto Innovation news, CEO Michael P. Plisinski sold 30,000 shares of Onto Innovation stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $211.24, for a total value of $6,337,200.00. Following the completion of the sale, the chief executive officer now directly owns 185,492 shares of the company’s stock, valued at approximately $39,183,330.08. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the transaction, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. This represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock worth $18,182,185 over the last three months. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Investment Management LLC acquired a new stake in Onto Innovation in the 4th quarter worth about $26,000. Mather Group LLC. boosted its position in shares of Onto Innovation by 209.4% in the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 111 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Onto Innovation in the fourth quarter valued at approximately $38,000. Versant Capital Management Inc increased its position in Onto Innovation by 532.4% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Onto Innovation during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 4.7 %

The stock’s 50 day simple moving average is $166.46 and its two-hundred day simple moving average is $179.24. The company has a market cap of $6.03 billion, a PE ratio of 30.13, a P/E/G ratio of 0.89 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current year.

Onto Innovation Company Profile

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.