B. Riley Financial Issues Pessimistic Forecast for Onto Innovation (NYSE:ONTO) Stock Price

Onto Innovation (NYSE:ONTO) had its target price cut by equities researchers at B. Riley Financial from $340.00 to $285.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. B. Riley Financial‘s price target points to a potential upside of 50.07% from the stock’s previous close.

A number of other analysts also recently commented on ONTO. Cantor Fitzgerald restated an “overweight” rating on shares of Onto Innovation in a research report on Tuesday, October 20th. The Goldman Sachs Group began coverage on shares of Onto Innovation in a report on Monday, August 17th. They issued a “buy” rating and a $400.00 price objective for the company. Evercore reiterated an “outperform” rating and issued a $390.00 price objective on shares of Onto Innovation in a report on Friday, August 7th. Royal Bank Of Canada initiated coverage on shares of Onto Innovation in a research note on Friday, October 2nd. They set an “outperform” rating and a $400.00 price objective on the stock. Finally, Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a report on Sunday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $377.73.

Onto Innovation Price Performance

ONTO stock traded up $16.63 during trading on Monday, hitting $189.91. The company had a trading volume of 179,936 shares, compared to its average volume of 1,054,998. The firm has a market capitalization of $9.32 billion, a price-to-earnings ratio of 71.44, a P/E/G ratio of 0.57 and a beta of 1.66. The business has a 50 day moving average of $253.65 and a 200 day moving average of $259.30. Onto Innovation has a fifty-two week low of $121.57 and a fifty-two week high of $386.46. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.24. The firm had revenue of $343.13 million during the quarter, compared to analyst estimates of $325.29 million. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. Onto Innovation’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. As a group, research analysts predict that Onto Innovation will post 8.04 earnings per share for the current year.

Insider Activity

In other Onto Innovation news, Director David Miller sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the director directly owned 10,692 shares of the company’s stock, valued at approximately $3,207,600. This represents a 15.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the transaction, the director owned 2,684 shares of the company’s stock, valued at approximately $811,373.20. This trade represents a 27.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Onto Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fiduciary Financial Advisors acquired a new stake in Onto Innovation during the second quarter valued at approximately $25,000. Highland Investment Advisors LLC bought a new stake in Onto Innovation during the second quarter worth approximately $25,000. Provenance Wealth Advisors LLC acquired a new position in shares of Onto Innovation in the 3rd quarter worth $26,000. CoreCap Advisors LLC purchased a new position in Onto Innovation in the 2nd quarter worth about $38,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Onto Innovation in the second quarter worth approximately $40,000. 98.35% of the stock is currently owned by institutional investors.

About Onto Innovation

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects.

The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.

Onto Innovation was formed in 2019 through the merger of Nanometrics and Rudolph Technologies.