Onto Innovation (NYSE:ONTO) Reaches New 1-Year Low Following Analyst Downgrade

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) shares reached a new 52-week low during mid-day trading on Friday after Jefferies Financial Group lowered their price target on the stock from $245.00 to $175.00. Jefferies Financial Group currently has a buy rating on the stock. Onto Innovation traded as low as $120.68 and last traded at $122.08, with a volume of 249288 shares traded. The stock had previously closed at $128.42.

Several other brokerages also recently issued reports on ONTO. Needham & Company LLC reiterated a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $250.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Stifel Nicolaus reduced their target price on Onto Innovation from $270.00 to $250.00 and set a "buy" rating for the company in a report on Friday, February 7th. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Benchmark reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. One investment 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 company has a consensus rating of "Moderate Buy" and an average price target of $231.88.

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Insider Activity at Onto Innovation

In other Onto Innovation news, CEO Michael P. Plisinski sold 35,000 shares of the business's stock in a transaction dated 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 in the company, 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 SEC, which is available through this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the 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 completion of the transaction, the senior vice president now owns 15,223 shares in the company, valued at $3,120,715. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,827 shares of company stock worth $18,182,185. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds have recently modified their holdings of the business. Kestra Investment Management LLC bought a new position in Onto Innovation in the 4th quarter worth $26,000. Mather Group LLC. raised its stake 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 worth $27,000 after buying an additional 111 shares during the period. Johnson Financial Group Inc. bought a new position in shares of Onto Innovation in the fourth quarter worth about $38,000. Versant Capital Management Inc lifted its position 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, SBI Securities Co. Ltd. bought a new position in shares of Onto Innovation during the 4th quarter valued at approximately $43,000. Institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Performance

The company has a market capitalization of $6.02 billion, a PE ratio of 30.09, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The company's fifty day moving average is $162.67 and its 200-day moving average is $178.19.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced 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 net margin of 20.43% and a return on equity of 14.24%. On average, sell-side analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

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.