Onto Innovation (NYSE:ONTO) Shares Down 6.9% – Here’s Why

Onto Innovation Inc. (NYSE:ONTO)’s stock price dropped 6.9% during trading on Monday . The company traded as low as $256.65 and last traded at $253.6740. Approximately 161,298 shares traded hands during trading, a decline of 85% from the average session volume of 1,058,505 shares. The stock had previously closed at $272.62.

Analyst Upgrades and Downgrades

ONTO has been the topic of several recent research reports. Morgan Stanley started coverage on Onto Innovation in a research note on Sunday, June 14th. They set an “overweight” rating and a $371.00 price objective on the stock. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Onto Innovation in a research note on Friday. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Price Performance

The firm has a market cap of $12.02 billion, a PE ratio of 112.92, a P/E/G ratio of 1.07 and a beta of 1.55. The stock has a 50-day moving average price of $296.39 and a 200 day moving average price of $252.63.

Onto Innovation (NYSE:ONTO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. The firm had revenue of $291.95 million for 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%.The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 earnings per share. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors have recently bought and sold shares of ONTO. Wellington Management Group LLP raised its stake in Onto Innovation by 1,217.0% during the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after purchasing an additional 1,292,772 shares during the period. Franklin Resources Inc. grew its stake in shares of Onto Innovation by 21.4% during the 4th quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock valued at $213,585,000 after buying an additional 238,500 shares during the period. Geode Capital Management LLC grew its stake in shares of Onto Innovation by 45.4% during the 4th quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after buying an additional 352,316 shares during the period. Paradigm Capital Management Inc. NY increased its holdings in shares of Onto Innovation by 1.2% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock worth $177,725,000 after buying an additional 12,999 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Onto Innovation by 88.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock worth $151,689,000 after buying an additional 451,084 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.