Onto Innovation (NYSE:ONTO) Trading Down 7.5% – Should You Sell?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ONTO shares. Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. B. Riley Financial upped their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Oppenheimer lifted their target price on Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Cantor Fitzgerald lifted their price target on shares of Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus target price of $339.60.

Onto Innovation Stock Down 6.9%

The company has a market capitalization of $17.53 billion, a P/E ratio of 164.59, a price-to-earnings-growth ratio of 1.43 and a beta of 1.62. The business has a fifty day moving average price of $292.05 and a 200 day moving average price of $233.83.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ONTO. Pacer Advisors Inc. increased its stake in Onto Innovation by 8.7% in the 1st quarter. Pacer Advisors Inc. now owns 364,247 shares of the semiconductor company’s stock valued at $74,696,000 after buying an additional 29,229 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Onto Innovation by 16.5% in the 1st quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock valued at $81,000 after acquiring an additional 56 shares in the last quarter. Cozad Asset Management Inc. bought a new position in shares of Onto Innovation in the 1st quarter valued at about $205,000. Bull Harbor Capital LLC acquired a new stake in shares of Onto Innovation in the first quarter valued at about $379,000. Finally, Arkadios Wealth Advisors bought a new stake in Onto Innovation during the first quarter worth about $201,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.