Onto Innovation Inc. SVP Sells $169,535 in Stock

Onto Innovation Inc. (NYSE:ONTO) experienced a notable stock transaction when Senior Vice President Srinivas Vedula sold 827 shares of the company's stock on Wednesday, January 15th. The shares were sold at an average price of $205.00, resulting in a total transaction value of $169,535.00. After this sale, Vedula now holds a total of 15,223 shares in the company, which are valued at approximately $3,120,715. This recent transaction represents a decrease of 5.15% in his ownership stake. The details of the sale were disclosed in a filing with the Securities and Exchange Commission (SEC).

Recent Stock Performance

Following the stock transaction, Onto Innovation shares saw a surge, increasing by 4.4%. On Thursday, the stock price rose by $8.98, closing at $213.65. There were 921,002 shares traded on that day, surpassing the average trading volume of 754,035. The company has a market capitalization of $10.55 billion, with a price-to-earnings (PE) ratio of 57.90 and a price-to-earnings growth (PEG) ratio of 0.98. Onto Innovation's current trading averages show a 50-day moving average price of $172.50 and a two-hundred day moving average price of $192.05. Over the past year, the stock reached a low of $141.79 and a high of $238.93.

Quarterly Earnings Insights

Onto Innovation recently released its quarterly earnings results on October 31st, reporting earnings per share (EPS) of $1.34. This figure exceeded analysts' expectations, which had estimated EPS at $1.31. The company reported revenues of $252.20 million for the quarter, again surpassing the forecasted revenue of $250.85 million. Year-over-year, the quarterly revenue showed a 21.7% increase from the previous year when it recorded $0.96 EPS. Analysts predict that Onto Innovation Inc. will deliver an average of 5.22 EPS for the current fiscal year.

Analyst Ratings and Recommendations

In light of these transactions and earnings reports, several analysts have recently evaluated ONTO shares. Jefferies Financial Group adjusted its price target for Onto Innovation, lowering it from $265.00 to $245.00 while maintaining a "buy" rating. Cantor Fitzgerald recently initiated coverage on the stock with an "overweight" rating, setting a target price of $250.00. Benchmark reiterated a "buy" rating, establishing a target price of $230.00. Additionally, Needham & Company LLC adjusted their target price from $245.00 to $230.00, also maintaining a "buy" rating. Oppenheimer similarly reaffirmed an "outperform" rating with a target price of $275.00. Overall, one analyst rated the stock with a hold rating, while eight analysts offered buy ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $253.75.

Institutional Holdings Overview

Recent activities indicate that institutional investors are re-evaluating their positions in Onto Innovation. Quarry LP significantly increased its holdings by 232.4% during the second quarter, owning 113 shares worth $25,000 after acquiring additional shares. Northwestern Mutual Wealth Management Co. raised its stake by 675.0%, increasing its holdings to 124 shares valued at $27,000. Versant Capital Management Inc. boosted its investment by 532.4%, acquiring 234 shares worth $39,000. UMB Bank n.a. also boosted its position by 62.0%, now owning 324 shares valued at $67,000. Currently, institutional investors own around 98.35% of the company's stock.

About Onto Innovation Inc.

Onto Innovation Inc. specializes in the design, development, and manufacturing of process control tools, focusing primarily on optical metrology. The company produces lithography systems alongside process control analytical software, as well as offering solutions for process and yield management.

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