Onto Innovation (NYSE:ONTO) Shares Gap Down After Analyst Downgrade

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) gapped down before the market opened on Friday after Jefferies Financial Group lowered their price target on the stock from $265.00 to $245.00. The stock had previously closed at $198.33, but opened at $187.53. Jefferies Financial Group currently has a buy rating on the stock. Onto Innovation shares last traded at $183.82, with a volume of 169,442 shares.

ONTO has been the subject of several other reports. Oppenheimer lifted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a research note on Friday. Stifel Nicolaus boosted their target price on Onto Innovation from $240.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, July 15th. Benchmark reiterated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday. Finally, Needham & Company LLC decreased their price objective on Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a report on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Onto Innovation has a consensus rating of "Moderate Buy" and an average price target of $254.29.

Insider Activity at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vaughan Nelson Investment Management L.P. raised its holdings in Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock valued at $44,444,000 after buying an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock worth $1,218,000 after purchasing an additional 2,753 shares during the period. Nordea Investment Management AB grew its stake in shares of Onto Innovation by 17.8% in the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company's stock worth $18,586,000 after purchasing an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado increased its holdings in Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock valued at $23,112,000 after purchasing an additional 33,025 shares during the period. Finally, Norden Group LLC bought a new position in Onto Innovation during the 1st quarter valued at approximately $654,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Performance

The firm has a market cap of $8.69 billion, a P/E ratio of 52.58, a price-to-earnings-growth ratio of 1.33 and a beta of 1.36. The business has a 50-day simple moving average of $203.24 and a 200 day simple moving average of $206.62.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the firm posted $0.96 earnings per share. The firm's revenue was up 21.7% on a year-over-year basis. On average, research analysts expect that Onto Innovation Inc. will post 5.18 EPS for the current year.

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.