Onto Innovation (NYSE:ONTO) Shares Up 4.2%

Onto Innovation Inc. (NYSE:ONTO)’s stock price traded up 4.2% during mid-day trading on Monday . The company traded as high as $199.07 and last traded at $196.81. 20,796 shares traded hands during trading, a decline of 96% from the average session volume of 518,476 shares. The stock had previously closed at $188.80.

Analyst Upgrades and Downgrades

ONTO has been the subject of a number of recent research reports. Evercore ISI upped their price objective on Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. Jefferies Financial Group initiated coverage on shares of Onto Innovation in a report on Monday, May 13th. They issued a “buy” rating and a $265.00 price objective on the stock. B. Riley lifted their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Finally, Benchmark raised their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $259.00.

Onto Innovation Stock Down 6.0 %

The business has a 50-day simple moving average of $218.69 and a two-hundred day simple moving average of $195.44. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 63.27 and a beta of 1.39.

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

Insider Activity

In related news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the completion of the sale, the senior vice president now directly owns 17,433 shares of the company’s stock, valued at $3,720,202.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the transaction, the chief financial officer now owns 12,552 shares in the company, valued at approximately $2,776,627.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Srinivas Vedula sold 1,486 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the sale, the senior vice president now owns 17,433 shares in the company, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ONTO. Maryland State Retirement & Pension System purchased a new stake in shares of Onto Innovation in the 2nd quarter valued at approximately $838,000. Hantz Financial Services Inc. acquired a new stake in Onto Innovation during the 2nd quarter valued at $1,669,000. TFB Advisors LLC lifted its holdings in shares of Onto Innovation by 13.4% in the second quarter. TFB Advisors LLC now owns 2,152 shares of the semiconductor company’s stock valued at $472,000 after purchasing an additional 255 shares in the last quarter. Forum Financial Management LP boosted its position in shares of Onto Innovation by 14.0% in the second quarter. Forum Financial Management LP now owns 2,252 shares of the semiconductor company’s stock worth $494,000 after buying an additional 276 shares during the period. Finally, Ausbil Investment Management Ltd grew its holdings in shares of Onto Innovation by 101.8% during the second quarter. Ausbil Investment Management Ltd now owns 4,467 shares of the semiconductor company’s stock valued at $981,000 after buying an additional 2,253 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.