Onto Innovation (NYSE:ONTO) Reaches New 52-Week Low – What’s Next?

Onto Innovation Inc. (NYSE:ONTO)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $145.15 and last traded at $145.43, with a volume of 1439755 shares changing hands. The stock had previously closed at $154.29.

Wall Street Analysts Forecast Growth

ONTO has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $250.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Benchmark restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Stifel Nicolaus reduced their price target on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Finally, Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.88.

Onto Innovation Price Performance

The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 35.82, a price-to-earnings-growth ratio of 0.89 and a beta of 1.31. The stock has a 50-day moving average of $185.91 and a 200 day moving average of $189.06.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Sell-side analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 827 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the sale, the senior vice president now directly owns 15,223 shares in the company, valued at $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the transaction, the chief executive officer now owns 150,492 shares of the company’s stock, valued at $32,986,341.48. This represents a 18.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,827 shares of company stock valued at $18,182,185. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ONTO. Vanguard Group Inc. boosted its stake in Onto Innovation by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company’s stock worth $861,040,000 after purchasing an additional 76,233 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Onto Innovation by 9.2% in the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company’s stock valued at $365,380,000 after purchasing an additional 183,839 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company’s stock worth $258,883,000 after buying an additional 271,470 shares during the period. Artisan Partners Limited Partnership grew its holdings in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock worth $252,530,000 after buying an additional 444,860 shares in the last quarter. Finally, State Street Corp raised its position in Onto Innovation by 2.8% in the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock valued at $305,107,000 after buying an additional 39,367 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.