Onto Innovation (NYSE:ONTO) Reaches New 1-Year Low – Time to Sell?

Onto Innovation Inc. (NYSE:ONTO) hit a new 52-week low during trading on Thursday . The company traded as low as $145.15 and last traded at $145.43, with a volume of 1439755 shares trading hands. The stock had previously closed at $154.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $250.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Oppenheimer decreased their price target on Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $246.88.

Onto Innovation Trading Down 5.7 %

The firm has a 50-day moving average of $185.91 and a two-hundred day moving average of $189.06. The firm has a market cap of $7.18 billion, a price-to-earnings ratio of 35.82, a PEG ratio of 0.89 and a beta of 1.31.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 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%. As a group, equities analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael P. Plisinski sold 20,000 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 215,492 shares in the company, valued at approximately $43,139,343.48. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the firm’s 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 directly owns 15,223 shares of the company’s stock, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock worth $18,182,185 in the last ninety days. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Hedge funds have recently made changes to their positions in the business. Raymond James & Associates increased its stake in Onto Innovation by 106.7% in the third quarter. Raymond James & Associates now owns 23,324 shares of the semiconductor company’s stock valued at $4,841,000 after acquiring an additional 12,040 shares during the period. Private Advisor Group LLC grew its stake in shares of Onto Innovation by 17.1% in the 3rd quarter. Private Advisor Group LLC now owns 2,195 shares of the semiconductor company’s stock valued at $455,000 after purchasing an additional 321 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Onto Innovation by 41,412.0% in the 3rd quarter. International Assets Investment Management LLC now owns 41,512 shares of the semiconductor company’s stock worth $8,616,000 after buying an additional 41,412 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Onto Innovation by 67.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,733 shares of the semiconductor company’s stock worth $567,000 after buying an additional 1,105 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in shares of Onto Innovation by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 5,710 shares of the semiconductor company’s stock worth $1,185,000 after buying an additional 385 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.