Onto Innovation (NYSE:ONTO) Shares Up 4.2%

Onto Innovation Inc. (NYSE:ONTO) shot up 4.2% on Wednesday . The company traded as high as $218.10 and last traded at $217.74. 16,460 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 438,868 shares. The stock had previously closed at $208.98.

Analyst Ratings Changes

A number of brokerages have weighed in on ONTO. Jefferies Financial Group began coverage on shares of Onto Innovation in a research note on Monday, May 13th. They issued a “buy” rating and a $265.00 target price for the company. StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Onto Innovation in a research note on Friday, May 10th. B. Riley boosted their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Benchmark boosted their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.00.

Onto Innovation Price Performance

The firm has a market capitalization of $10.87 billion, a P/E ratio of 74.36 and a beta of 1.43. The stock’s 50 day moving average is $201.22 and its two-hundred day moving average is $174.88.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.08. The firm had revenue of $228.80 million during the quarter, compared to analysts’ expectations of $222.60 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.92 earnings per share. As a group, equities research analysts expect that Onto Innovation Inc. will post 5.05 EPS for the current year.

Insider Activity at Onto Innovation

In related news, CEO Michael P. Plisinski sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares in the company, valued at $41,324,136.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Yoon Ah Oh sold 1,685 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $180.00, for a total value of $303,300.00. Following the completion of the transaction, the vice president now owns 14,913 shares in the company, valued at $2,684,340. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael P. Plisinski sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,370 shares of company stock worth $7,789,583. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Onto Innovation by 0.5% during the third quarter. Vanguard Group Inc. now owns 5,728,291 shares of the semiconductor company’s stock worth $730,472,000 after purchasing an additional 27,695 shares during the last quarter. Retirement Systems of Alabama acquired a new position in Onto Innovation during the fourth quarter worth $9,399,000. Pacer Advisors Inc. boosted its holdings in Onto Innovation by 2,306.3% during the fourth quarter. Pacer Advisors Inc. now owns 10,997 shares of the semiconductor company’s stock worth $1,681,000 after purchasing an additional 10,540 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Onto Innovation by 854.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after purchasing an additional 265,042 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Onto Innovation by 106.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 7,263 shares of the semiconductor company’s stock worth $1,111,000 after purchasing an additional 3,746 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.