Shares of Onto Innovation Inc. (NYSE:ONTO – Get Free Report) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $113.18, but opened at $108.00. Onto Innovation shares last traded at $108.19, with a volume of 101,967 shares changing hands.
The semiconductor company reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.04). Onto Innovation had a return on equity of 16.09% and a net margin of 20.67%. The firm had revenue of $190.66 million for the quarter, compared to analyst estimates of $203.00 million. During the same period in the prior year, the business earned $1.28 earnings per share. Onto Innovation’s revenue for the quarter was down 25.6% on a year-over-year basis.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on ONTO. Benchmark increased their price objective on shares of Onto Innovation from $118.00 to $125.00 and gave the stock a “buy” rating in a report on Friday. Needham & Company LLC lowered shares of Onto Innovation from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $124.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday. StockNews.com began coverage on shares of Onto Innovation in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, B. Riley raised their price target on shares of Onto Innovation from $135.00 to $140.00 in a report on Monday, July 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $118.33.
Insider Buying and Selling at Onto Innovation
In other news, SVP Robert Fiordalice sold 669 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $93.15, for a total transaction of $62,317.35. Following the completion of the sale, the senior vice president now owns 15,920 shares of the company’s stock, valued at $1,482,948. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David Brian Miller sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $99.69, for a total transaction of $498,450.00. Following the completion of the sale, the director now owns 11,808 shares of the company’s stock, valued at $1,177,139.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Fiordalice sold 669 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $93.15, for a total transaction of $62,317.35. Following the sale, the senior vice president now directly owns 15,920 shares of the company’s stock, valued at approximately $1,482,948. The disclosure for this sale can be found here. Insiders sold 11,746 shares of company stock valued at $1,200,485 over the last 90 days. 0.81% of the stock is owned by corporate insiders.
Institutional Trading of Onto Innovation
A number of hedge funds have recently made changes to their positions in ONTO. CWM LLC boosted its holdings in Onto Innovation by 16.2% in the second quarter. CWM LLC now owns 646 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 90 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in Onto Innovation by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 16,475 shares of the semiconductor company’s stock valued at $1,122,000 after buying an additional 130 shares during the last quarter. First Republic Investment Management Inc. lifted its stake in Onto Innovation by 2.0% in the fourth quarter. First Republic Investment Management Inc. now owns 8,131 shares of the semiconductor company’s stock valued at $554,000 after buying an additional 162 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Onto Innovation by 51.3% in the third quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 175 shares during the last quarter. Finally, Campbell Newman Asset Management Inc. lifted its stake in Onto Innovation by 1.3% in the first quarter. Campbell Newman Asset Management Inc. now owns 18,360 shares of the semiconductor company’s stock valued at $1,613,000 after buying an additional 240 shares during the last quarter. Institutional investors and hedge funds own 95.44% of the company’s stock.
Onto Innovation Stock Down 4.1 %
The company has a market capitalization of $5.31 billion, a P/E ratio of 28.22 and a beta of 1.39. The business has a 50 day simple moving average of $111.97 and a 200-day simple moving average of $94.82.
Onto Innovation Company Profile
Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It 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; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.