Onto Innovation (NYSE:ONTO) Shares Down 7.5% – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) was down 7.5% during trading on Wednesday . The stock traded as low as $345.00 and last traded at $350.1240. Approximately 313,223 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,046,090 shares. The stock had previously closed at $378.45.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ONTO shares. Oppenheimer boosted their target price on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Jefferies Financial Group restated a “buy” rating and set a $350.00 price objective on shares of Onto Innovation in a research note on Wednesday, May 6th. Morgan Stanley assumed coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price for the company. Needham & Company LLC lifted their price target on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Zacks Research cut Onto Innovation from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus price target of $339.60.

Onto Innovation Stock Performance

The firm has a market cap of $17.53 billion, a P/E ratio of 164.59, a P/E/G ratio of 1.43 and a beta of 1.62. The firm’s fifty day moving average is $292.05 and its 200 day moving average is $233.83.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same period last year, the business posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, equities research analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current year.

Institutional Trading of Onto Innovation

Several institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC grew its holdings in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC boosted its position in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 115 shares during the period. Millstone Evans Group LLC boosted its position in shares of Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Onto Innovation in the fourth quarter valued at about $39,000. 98.35% of the stock is currently owned by institutional investors.

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.