Onto Innovation (NYSE:ONTO) Stock Price Up 5.1% – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO)’s stock price traded up 5.1% during mid-day trading on Thursday . The company traded as high as $215.11 and last traded at $215.11. 192,480 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 678,898 shares. The stock had previously closed at $204.67.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of Onto Innovation in a research report on Monday, January 13th. They set an “overweight” rating and a $250.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group dropped their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Needham & Company LLC decreased their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Onto Innovation has an average rating of “Moderate Buy” and an average target price of $253.75.

Onto Innovation Stock Up 1.6 %

The stock’s 50-day moving average is $174.06 and its 200-day moving average is $192.19. The firm has a market cap of $10.69 billion, a P/E ratio of 58.68, a price-to-earnings-growth ratio of 0.98 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Insider Transactions at Onto Innovation

In other Onto Innovation news, CEO Michael P. Plisinski sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares in the company, valued at $43,139,343.48. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the sale, the senior vice president now directly owns 15,223 shares in the company, valued at $3,120,715. The trade was a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently modified their holdings of ONTO. Public Employees Retirement Association of Colorado lifted its holdings in shares of Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after acquiring an additional 33,025 shares during the period. Cerity Partners LLC boosted its position in Onto Innovation by 287.0% in the third quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company’s stock valued at $968,000 after buying an additional 3,458 shares in the last quarter. Geode Capital Management LLC boosted its position in Onto Innovation by 1.6% in the third quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company’s stock valued at $173,401,000 after buying an additional 13,405 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Onto Innovation by 12.9% during the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Onto Innovation in the third quarter valued at approximately $14,539,000. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.