Onto Innovation (NYSE:ONTO) Stock Price Down 8.8% – Here’s Why

Shares of Onto Innovation Inc. (NYSE:ONTO) were down 8.8% during trading on Tuesday . The stock traded as low as $312.22 and last traded at $317.1180. Approximately 606,415 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 1,009,974 shares. The stock had previously closed at $347.87.

Analyst Ratings Changes

ONTO has been the topic of a number of recent analyst reports. 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. Evercore reaffirmed an “outperform” rating and set a $315.00 price objective on shares of Onto Innovation in a research note on Friday, April 17th. Morgan Stanley assumed coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price for the company. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research note on Wednesday, June 17th. Finally, Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.60.

Onto Innovation Price Performance

The company has a market cap of $15.58 billion, a P/E ratio of 146.42, a PEG ratio of 1.36 and a beta of 1.63. The stock has a fifty day moving average price of $283.14 and a two-hundred day moving average price of $226.32.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business’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 EPS. As a group, analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors have recently made changes to their positions in the company. Millstone Evans Group LLC boosted its position in Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 99 shares during the period. Transamerica Financial Advisors LLC boosted its holdings in shares of Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after buying an additional 115 shares during the period. Root Financial Partners LLC grew its stake in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 74 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in Onto Innovation by 109.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 128 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Onto Innovation during the fourth quarter valued at about $39,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Company Profile

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.