Onto Innovation (NYSE:ONTO) Stock Price Down 6.9% – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) dropped 6.9% during trading on Monday . The stock traded as low as $256.65 and last traded at $253.6740. Approximately 161,298 shares changed hands during trading, a decline of 85% from the average daily volume of 1,058,505 shares. The stock had previously closed at $272.62.

Wall Street Analyst Weigh In

ONTO has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Onto Innovation in a research note on Friday. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Finally, B. Riley Financial boosted their target price on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Stock Performance

The business’s 50 day moving average is $296.34 and its 200 day moving average is $251.71. The company has a market capitalization of $12.55 billion, a price-to-earnings ratio of 117.94, a PEG ratio of 1.11 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last issued its quarterly 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 business had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. Onto Innovation’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 EPS. Sell-side analysts predict that Onto Innovation Inc. will post 7.14 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in Onto Innovation by 1,217.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after purchasing an additional 1,292,772 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Onto Innovation by 21.4% during the fourth quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock worth $213,585,000 after purchasing an additional 238,500 shares during the period. Geode Capital Management LLC boosted its position in Onto Innovation by 45.4% in the fourth quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after buying an additional 352,316 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its position in Onto Innovation by 1.2% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock valued at $177,725,000 after buying an additional 12,999 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Onto Innovation by 88.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock worth $151,689,000 after buying an additional 451,084 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.