Onto Innovation (NYSE:ONTO) Trading Up 5.1% – Time to Buy?

Onto Innovation Inc. (NYSE:ONTO) traded up 5.1% during mid-day trading on Thursday . The stock traded as high as $215.11 and last traded at $215.11. 192,480 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 678,898 shares. The stock had previously closed at $204.67.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ONTO shares. Needham & Company LLC dropped their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a research note on Tuesday, December 17th. Jefferies Financial Group dropped their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Cantor Fitzgerald initiated coverage on Onto Innovation in a report on Monday, January 13th. They issued an “overweight” rating and a $250.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.75.

Onto Innovation Stock Performance

The company’s 50 day moving average price is $174.06 and its 200-day moving average price is $192.19. The company has a market cap of $10.69 billion, a price-to-earnings ratio of 58.68, a PEG ratio of 0.98 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the previous year, the business posted $0.96 earnings per share. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael P. Plisinski sold 20,000 shares of Onto Innovation stock in a transaction dated 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 transaction, the chief executive officer now directly owns 215,492 shares in the company, valued at approximately $43,139,343.48. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Several institutional investors have recently made changes to their positions in the stock. Quarry LP grew its holdings in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Versant Capital Management Inc increased its position in Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares during the last quarter. Eastern Bank purchased a new stake in shares of Onto Innovation during the 3rd quarter worth about $65,000. Finally, UMB Bank n.a. lifted its holdings 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 valued at $66,000 after buying an additional 74 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.