Onto Innovation (NYSE:ONTO) Hits New 52-Week Low - Should You Sell?

Onto Innovation Inc. (NYSE:ONTO - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $122.48 and last traded at $123.49, with a volume of 1573404 shares changing hands. The stock had previously closed at $132.82.

Analysts Set New Price Targets

Several research firms have recently issued reports on ONTO. Stifel Nicolaus lowered their price objective on Onto Innovation from $270.00 to $250.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. StockNews.com raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Thursday, February 27th. Benchmark reissued a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $250.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $246.88.

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Onto Innovation Trading Up 3.0 %

The company has a market cap of $6.83 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 0.89 and a beta of 1.29. The firm's 50-day moving average price is $178.22 and its 200 day moving average price is $183.67.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael P. Plisinski sold 20,000 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total value of $4,003,800.00. Following the transaction, the chief executive officer now directly owns 215,492 shares in the company, valued at $43,139,343.48. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock worth $18,182,185 in the last ninety days. Corporate insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently modified their holdings of the company. Kestra Investment Management LLC bought a new position in shares of Onto Innovation in the 4th quarter worth $26,000. Mather Group LLC. lifted its stake in Onto Innovation by 209.4% during the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 111 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Onto Innovation during the 4th quarter valued at $38,000. Versant Capital Management Inc lifted its stake in Onto Innovation by 532.4% during 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 in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Onto Innovation during the 4th quarter valued at $43,000. 98.35% of the stock is currently owned by institutional investors.

About Onto Innovation

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.