Onto Innovation (NYSE:ONTO) Price Target Cut to $175.00 by Analysts at Jefferies Financial Group

Onto Innovation (NYSE:ONTO) had its price target reduced by research analysts at Jefferies Financial Group from $245.00 to $175.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 36.07% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a report on Friday, February 7th. 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. StockNews.com raised Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Oppenheimer cut 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 reiterated a “buy” rating and issued a $230.00 price objective 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 a consensus price target of $238.13.

Onto Innovation Trading Down 3.4 %

Shares of ONTO stock opened at $128.61 on Friday. Onto Innovation has a 12-month low of $121.47 and a 12-month high of $238.93. The company has a market cap of $6.34 billion, a price-to-earnings ratio of 31.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The stock has a 50 day simple moving average of $166.46 and a 200-day simple moving average of $179.24.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts forecast that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael P. Plisinski sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $211.24, for a total transaction of $6,337,200.00. Following the completion of the transaction, the chief executive officer now owns 185,492 shares of the company’s stock, valued at $39,183,330.08. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 completion of the sale, the senior vice president now directly owns 15,223 shares in the company, valued at $3,120,715. This 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 valued at $18,182,185 in the last ninety days. Insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new position in Onto Innovation in the fourth quarter valued at $26,000. Mather Group LLC. lifted its stake in shares of Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 111 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Onto Innovation during the 4th quarter worth about $38,000. Versant Capital Management Inc increased its position in Onto Innovation by 532.4% during 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 in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Onto Innovation in the fourth quarter valued at approximately $43,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.