Michael P. Plisinski, CEO of Onto Innovation Inc. (NYSE:ONTO), recently sold 35,000 shares of the company's common stock. The transaction, which occurred on January 21, was executed as part of a pre-established Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $219.19, with prices ranging from $219 to $219.52. The stock has since climbed to $224.50, trading near its 52-week high of $238.93. According to InvestingPro analysis, the stock's technical indicators suggest overbought conditions. This sale generated a total of approximately $7.67 million. Following the transaction, Plisinski retains ownership of 150,492 shares in the company. With a market capitalization of $11.1 billion and an "GREAT" financial health score from InvestingPro, Onto Innovation has attracted strong analyst interest, with a consensus recommendation of 1.2 (Strong Buy) and price targets ranging from $220 to $280. Subscribers can access 13 additional ProTips and comprehensive insider trading analysis through the Pro Research Report.
In other recent news, Onto Innovation reported a record Q3 revenue of $252 million, indicating a 22% increase year-over-year, along with a gross margin of 54.5% and a record cash generation of $67 million from operations. The company anticipates substantial growth in its inspection revenue, driven by strategic acquisitions such as Lumina Instruments and Kulicke and Soffa (NASDAQ:KLIC)'s lithography business. Onto Innovation also projected a Q4 revenue between $253 million and $267 million, with gross margins of 54% to 55%.
Needham analysts recently adjusted their price target for Onto Innovation, lowering it to $220 from the previous $230, while maintaining a Buy rating on the stock. The firm cited the company's limited exposure to the Chinese market and focus on artificial intelligence (AI) as potential drivers for business growth in 2025. Meanwhile, analysts at Cantor Fitzgerald initiated coverage on Onto Innovation with an Overweight rating and set a price target of $250, highlighting the company's strong financial position and positive outlook, particularly in the high bandwidth memory (HBM) market.
Onto Innovation also announced the appointment of Mr. Ido Dolev as Executive Vice President of the Product Solutions Group. Dolev, with his extensive experience in the semiconductor industry, is expected to oversee all product solutions, including inspection, metrology, lithography, and software for the company. These are recent developments based on past articles and recent SEC filings by Onto Innovation Inc.
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