Onto Innovation (NYSE:ONTO) Sees Unusually-High Trading Volume – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) shares saw strong trading volume on Monday . 1,409,161 shares were traded during trading, an increase of 67% from the previous session’s volume of 845,504 shares.The stock last traded at $93.11 and had previously closed at $88.50.

Wall Street Analyst Weigh In

A number of research firms have commented on ONTO. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating for the company in a report on Friday, March 28th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $135.00 price objective (down previously from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Needham & Company LLC dropped their price target on shares of Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com cut shares of Onto Innovation from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Benchmark decreased their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a “buy” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $177.14.

Onto Innovation Trading Up 4.7%

The company’s 50 day moving average is $124.11 and its 200 day moving average is $159.49. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.47 by $0.04. The firm had revenue of $267.00 million for the quarter, compared to analyst estimates of $267.03 million. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Onto Innovation’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the business earned $1.18 EPS. Analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. UMB Bank n.a. increased its stake in Onto Innovation by 22.8% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock valued at $66,000 after purchasing an additional 74 shares during the period. Bridge City Capital LLC boosted its holdings in shares of Onto Innovation by 1.0% in the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company’s stock valued at $1,361,000 after acquiring an additional 78 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Onto Innovation by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company’s stock valued at $256,000 after acquiring an additional 81 shares in the last quarter. Hunter Perkins Capital Management LLC boosted its holdings in shares of Onto Innovation by 3.9% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 2,415 shares of the semiconductor company’s stock valued at $403,000 after acquiring an additional 90 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Onto Innovation by 2.9% in the first quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company’s stock valued at $381,000 after acquiring an additional 90 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.