Onto Innovation (NYSE:ONTO) Shares Gap Down on Insider Selling

Onto Innovation Inc. (NYSE:ONTO) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $224.50, but opened at $216.86. Onto Innovation shares last traded at $216.33, with a volume of 69,151 shares.

Specifically, CEO Michael P. Plisinski sold 35,000 shares of Onto Innovation stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the transaction, the chief executive officer now owns 150,492 shares of the company’s stock, valued at $32,986,341.48. The trade was a 18.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 30,000 shares of Onto Innovation stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $211.24, for a total value of $6,337,200.00. Following the completion of the sale, the chief executive officer now owns 185,492 shares of the company’s stock, valued at $39,183,330.08. The trade was a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ONTO. Cantor Fitzgerald began coverage on Onto Innovation in a report on Monday, January 13th. They issued an “overweight” rating and a $250.00 price target on the stock. Jefferies Financial Group decreased their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Oppenheimer restated an “outperform” rating and set a $275.00 price target on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $253.75.

Onto Innovation Stock Down 3.6 %

The firm has a 50-day moving average of $176.99 and a two-hundred day moving average of $191.81. The company has a market capitalization of $10.69 billion, a PE ratio of 58.66, a PEG ratio of 1.13 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share. Equities analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONTO. Quarry LP lifted its stake in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 197 shares during the last quarter. Berbice Capital Management LLC purchased a new position in shares of Onto Innovation in the 4th quarter valued at about $50,000. Finally, Eastern Bank purchased a new position in shares of Onto Innovation in the 3rd quarter valued at about $65,000. Institutional investors and hedge funds 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.