Onto Innovation (NYSE:ONTO) Shares Gap Down to $184.97

Onto Innovation Inc. (NYSE:ONTO - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $184.97, but opened at $179.78. Onto Innovation shares last traded at $184.52, with a volume of 14,828 shares.

Wall Street Analyst Weigh In

Several research firms have recently commented on ONTO. B. Riley upped their price objective on Onto Innovation from $195.00 to $205.00 and gave the stock a "buy" rating in a research note on Friday, February 9th. Benchmark increased their price target on Onto Innovation from $145.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, February 9th. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research note on Monday, February 12th. Finally, Stifel Nicolaus increased their price target on Onto Innovation from $188.00 to $215.00 and gave the stock a "buy" rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Onto Innovation has a consensus rating of "Moderate Buy" and an average price target of $180.75.

Onto Innovation Price Performance

The stock has a market cap of $9.32 billion, a PE ratio of 77.12 and a beta of 1.40. The stock has a 50-day moving average price of $176.95 and a two-hundred day moving average price of $150.61.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. The firm had revenue of $219.00 million during the quarter, compared to analyst estimates of $209.06 million. Onto Innovation had a return on equity of 10.95% and a net margin of 14.85%. The business's quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 earnings per share. Equities research analysts expect that Onto Innovation Inc. will post 4.7 earnings per share for the current year.

Insider Activity

In related news, CEO Michael P. Plisinski sold 40,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total value of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares of the company's stock, valued at approximately $41,324,136.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Michael P. Plisinski sold 40,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total value of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares of the company's stock, valued at approximately $41,324,136.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David Brian Miller sold 2,800 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the completion of the transaction, the director now directly owns 9,008 shares of the company's stock, valued at approximately $1,535,773.92. The disclosure for this sale can be found here. Insiders sold a total of 47,170 shares of company stock worth $8,266,955 over the last 90 days. Corporate insiders own 0.81% of the company's stock.

Institutional Trading of Onto Innovation

Institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its stake in Onto Innovation by 198.3% in the fourth quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 115 shares during the last quarter. Contravisory Investment Management Inc. purchased a new position in shares of Onto Innovation during the fourth quarter worth approximately $28,000. GAMMA Investing LLC purchased a new position in shares of Onto Innovation during the fourth quarter worth approximately $33,000. Huntington National Bank increased its position in shares of Onto Innovation by 70.3% during the third quarter. Huntington National Bank now owns 247 shares of the semiconductor company's stock worth $31,000 after acquiring an additional 102 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Onto Innovation by 43.0% during the fourth quarter. Parallel Advisors LLC now owns 366 shares of the semiconductor company's stock worth $56,000 after acquiring an additional 110 shares during the period. Institutional investors own 98.35% of the company's stock.

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.