Onto Innovation Inc. (NYSE:ONTO - Get Free Report) shares dropped 5% during mid-day trading on Wednesday . The company traded as low as $94.84 and last traded at $94.70. Approximately 288,260 shares were traded during trading, a decline of 71% from the average daily volume of 979,267 shares. The stock had previously closed at $99.69.
Wall Street Analysts Forecast Growth
ONTO has been the topic of several analyst reports. Cantor Fitzgerald lowered their price target on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a report on Tuesday, June 24th. Stifel Nicolaus reduced their price objective on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC cut their price objective on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Oppenheimer lowered their target price on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Benchmark cut their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $141.67.
View Our Latest Analysis on Onto Innovation
Onto Innovation Trading Down 1.5%
The business has a 50 day moving average of $98.25 and a two-hundred day moving average of $134.92. The firm has a market cap of $4.79 billion, a P/E ratio of 22.21, a PEG ratio of 0.65 and a beta of 1.45.
Onto Innovation (NYSE:ONTO - Get Free Report) last announced its 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 business had revenue of $267.00 million during the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a net margin of 21.36% and a return on equity of 14.85%. Onto Innovation's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 EPS. On average, sell-side analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current year.
Institutional Trading of Onto Innovation
Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in Onto Innovation by 1.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock valued at $2,680,000 after buying an additional 225 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Onto Innovation in the first quarter valued at about $217,000. GAMMA Investing LLC increased its position in Onto Innovation by 75.0% during the first quarter. GAMMA Investing LLC now owns 1,069 shares of the semiconductor company's stock worth $130,000 after acquiring an additional 458 shares during the period. Oppenheimer & Co. Inc. bought a new position in Onto Innovation during the first quarter worth about $420,000. Finally, Oppenheimer Asset Management Inc. raised its stake in Onto Innovation by 16.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 7,211 shares of the semiconductor company's stock worth $875,000 after purchasing an additional 1,013 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.
Onto Innovation Company Profile
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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.
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