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

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $129.53 and last traded at $135.03, with a volume of 1529265 shares. The stock had previously closed at $136.01.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several research analyst reports. Benchmark reissued a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Thursday, February 27th. Oppenheimer dropped their target price on shares of Onto Innovation from $275.00 to $240.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Cantor Fitzgerald restated an "overweight" rating and set a $250.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. 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, Onto Innovation presently has an average rating of "Moderate Buy" and an average price target of $246.88.

Onto Innovation Stock Up 3.5 %

The firm has a 50-day moving average of $182.87 and a two-hundred day moving average of $186.90. The company has a market capitalization of $6.91 billion, a PE ratio of 34.52, a price-to-earnings-growth ratio of 0.89 and a beta of 1.31.

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

Insider Activity at Onto Innovation

In other Onto Innovation news, CEO Michael P. Plisinski sold 20,000 shares of the business's stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total value of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares in the company, valued at $43,139,343.48. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Srinivas Vedula sold 827 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock worth $18,182,185 in the last three months. 0.72% of the stock is owned by company insiders.

Institutional Trading of Onto Innovation

Hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its position in shares of Onto Innovation by 22.8% during the 4th quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company's stock worth $66,000 after purchasing an additional 74 shares during the last quarter. Northwest & Ethical Investments L.P. raised its holdings in Onto Innovation by 7.8% during the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company's stock worth $218,000 after purchasing an additional 76 shares in the last quarter. Bridge City Capital LLC raised its holdings in Onto Innovation by 1.0% during the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company's stock worth $1,361,000 after purchasing an additional 78 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Onto Innovation by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company's stock valued at $256,000 after buying an additional 81 shares in the last quarter. Finally, Huntington National Bank grew its position in shares of Onto Innovation by 26.3% in the 3rd quarter. Huntington National Bank now owns 423 shares of the semiconductor company's stock valued at $88,000 after buying an additional 88 shares during the last quarter. 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.