Onto Innovation Inc. (NYSE:ONTO – Get Free Report) dropped 10.9% during trading on Tuesday . The company traded as low as $273.31 and last traded at $270.6480. Approximately 221,111 shares were traded during trading, a decline of 79% from the average daily volume of 1,055,460 shares. The stock had previously closed at $303.86.
Wall Street Analyst Weigh In
ONTO has been the topic of a number of research reports. Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Needham & Company LLC upped their price objective on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Oppenheimer increased their price objective on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Evercore reissued an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. Finally, Morgan Stanley initiated coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Onto Innovation has a consensus rating of “Moderate Buy” and an average price target of $339.60.
View Our Latest Report on ONTO
Onto Innovation Trading Up 4.0%
Onto Innovation (NYSE:ONTO – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.51 earnings per share. On average, research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.
Institutional Investors Weigh In On Onto Innovation
Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after acquiring an additional 1,292,772 shares during the period. Norges Bank acquired a new stake in shares of Onto Innovation during the 4th quarter worth approximately $104,938,000. Jennison Associates LLC raised its position in shares of Onto Innovation by 1,293.5% during the 4th quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock worth $107,475,000 after purchasing an additional 631,965 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Onto Innovation by 315.8% in the 4th quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after purchasing an additional 467,587 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Onto Innovation by 88.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock valued at $151,689,000 after purchasing an additional 451,084 shares during the period. Institutional investors own 98.35% of the company’s stock.
About Onto Innovation
Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.
Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.
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