Onto Innovation (NYSE:ONTO) Shares Gap Down - What's Next?

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $127.10, but opened at $122.86. Onto Innovation shares last traded at $125.97, with a volume of 58,971 shares changing hands.

Analysts Set New Price Targets

ONTO has been the topic of a number of research analyst reports. Needham & Company LLC cut their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a report on Friday. Oppenheimer decreased their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a "buy" rating on the stock in a research report on Friday, March 28th. StockNews.com lowered Onto Innovation from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Stifel Nicolaus cut their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $186.25.

Onto Innovation Stock Down 30.2 %

The firm has a 50 day moving average price of $124.11 and a 200 day moving average price of $160.08. The stock has a market capitalization of $4.32 billion, a PE ratio of 21.80, a P/E/G ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same period last year, the business earned $1.18 EPS. The business's revenue was up 16.5% on a year-over-year basis. On average, equities analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds have recently modified their holdings of ONTO. Vanguard Group Inc. lifted its holdings in Onto Innovation by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after acquiring an additional 76,233 shares during the period. JPMorgan Chase & Co. grew its position in Onto Innovation by 9.2% during the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock valued at $365,380,000 after buying an additional 183,839 shares during the period. Franklin Resources Inc. increased its holdings in Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after buying an additional 271,470 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Onto Innovation by 41.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after acquiring an additional 444,860 shares during the period. Finally, Invesco Ltd. boosted its stake in Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after acquiring an additional 356,161 shares during the last quarter. 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.