Onto Innovation (NYSE:ONTO) Reaches New 12-Month Low - Here's Why

Shares of Onto Innovation Inc. (NYSE:ONTO - Get Free Report) hit a new 52-week low during trading on Thursday . The stock traded as low as $115.70 and last traded at $116.91, with a volume of 43552 shares changing hands. The stock had previously closed at $125.43.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ONTO shares. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a report on Friday, March 28th. Oppenheimer cut their price target 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. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Benchmark reiterated a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $231.88.

Onto Innovation Price Performance

The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 0.89 and a beta of 1.46. The company's fifty day simple moving average is $153.01 and its two-hundred day simple moving average is $175.40.

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

Insider Activity at Onto Innovation

In related news, CEO Michael P. Plisinski sold 35,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the completion of the sale, the chief executive officer now directly owns 150,492 shares of the company's stock, valued at approximately $32,986,341.48. This trade represents a 18.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Srinivas Vedula sold 827 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the sale, the senior vice president now owns 15,223 shares of the company's stock, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 85,827 shares of company stock valued at $18,182,185. 0.72% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in Onto Innovation in the 4th quarter valued at about $26,000. Mather Group LLC. raised its position in shares of Onto Innovation by 209.4% in the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 111 shares during the period. Johnson Financial Group Inc. purchased a new stake in shares of Onto Innovation during the 4th quarter valued at approximately $38,000. Versant Capital Management Inc lifted its stake in shares of 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 buying an additional 197 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Onto Innovation by 177.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock worth $29,000 after buying an additional 151 shares during the period. Hedge funds and other institutional investors 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.