Insider Selling: Onto Innovation Inc. (NYSE:ONTO) CEO Sells 30,000 Shares of Stock

Onto Innovation Inc. (NYSE:ONTO) CEO Michael P. Plisinski sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $211.24, for a total value of $6,337,200.00. Following the completion of the sale, the chief executive officer now directly owns 185,492 shares of the company’s stock, valued at approximately $39,183,330.08. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $224.76 on Thursday. The business’s fifty day moving average price is $175.80 and its two-hundred day moving average price is $191.58. The stock has a market cap of $11.10 billion, a PE ratio of 60.91, a price-to-earnings-growth ratio of 1.12 and a beta of 1.29. Onto Innovation Inc. has a one year low of $145.15 and a one year high of $238.93.

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

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently modified their holdings of ONTO. Magnetar Financial LLC boosted its position in Onto Innovation by 4.0% during the second quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after acquiring an additional 63 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Onto Innovation by 22.8% during the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock worth $66,000 after purchasing an additional 74 shares during the last quarter. Northwest & Ethical Investments L.P. grew its position in shares of Onto Innovation by 7.8% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 76 shares during the period. Quarry LP increased its stake in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC lifted its position in Onto Innovation by 3.6% during the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after buying an additional 80 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.