Onto Innovation (NYSE:ONTO) Price Target Lowered to $240.00 at Oppenheimer

Onto Innovation (NYSE:ONTO) had its target price lowered by equities research analysts at Oppenheimer from $275.00 to $240.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price target suggests a potential upside of 42.00% from the company’s previous close.

ONTO has been the topic of a number of other reports. Jefferies Financial Group decreased their target price 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. Stifel Nicolaus reduced their price objective on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. Finally, StockNews.com lowered shares of Onto Innovation from a “hold” rating to a “sell” rating in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average price target of $246.88.

Onto Innovation Stock Performance

Shares of Onto Innovation stock traded down $1.91 during trading hours on Thursday, hitting $169.02. The company’s stock had a trading volume of 249,985 shares, compared to its average volume of 964,416. The business has a 50 day moving average price of $187.05 and a two-hundred day moving average price of $189.61. Onto Innovation has a 12-month low of $145.15 and a 12-month high of $238.93. The company has a market cap of $8.35 billion, a PE ratio of 41.64, a PEG ratio of 0.91 and a beta of 1.31.

Onto Innovation (NYSE:ONTO) 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 return on equity of 14.24% and a net margin of 20.43%. As a group, research analysts anticipate that Onto Innovation will post 6.32 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 827 shares of the business’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 value of $169,535.00. Following the sale, the senior vice president now directly owns 15,223 shares of the company’s stock, valued at $3,120,715. The trade was a 5.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 30,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 185,492 shares of the company’s stock, valued at approximately $39,183,330.08. This represents a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,827 shares of company stock worth $18,182,185. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Kestra Investment Management LLC acquired a new stake in Onto Innovation in the fourth quarter valued at approximately $26,000. Mather Group LLC. increased its holdings in shares of Onto Innovation by 209.4% during the 4th 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 last quarter. Johnson Financial Group Inc. acquired a new position in shares of Onto Innovation in the fourth quarter worth $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 worth $39,000 after purchasing an additional 197 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Onto Innovation in the fourth quarter valued at $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.