Michael P. Plisinski, CEO of Onto Innovation Inc. (NYSE:ONTO), recently sold shares of the company totaling approximately $4 million. The semiconductor equipment manufacturer, currently valued at $10.6 billion, has seen its stock surge 22.8% year-to-date. According to InvestingPro analysis, the stock is trading above its Fair Value, with technical indicators suggesting overbought conditions. The sales occurred on January 14, 2025, and were executed under a Rule 10b5-1 trading plan. Plisinski sold a total of 20,000 shares at prices ranging from $200.09 to $201.26 per share. With analyst targets ranging from $220 to $280, InvestingPro subscribers can access 14 additional key insights about ONTO’s valuation and growth prospects.
Following these transactions, Plisinski retains ownership of 215,492 shares in the company. These transactions were part of a pre-established trading plan designed to provide executives with a systematic way to manage their stock holdings. The company maintains a strong financial position, with InvestingPro data showing an excellent overall health score and more cash than debt on its balance sheet.
In other recent news, Onto Innovation reported a record Q3 revenue of $252 million, marking a 22% increase year-over-year, and a gross margin of 54.5%. The company also generated a record $67 million cash from operations. Despite a delay in JetStep lithography revenue, Onto Innovation expects substantial growth in inspection revenue, driven by strategic acquisitions such as Lumina Instruments and Kulicke and Soffa (NASDAQ:KLIC)’s lithography business. The company also revealed a Q4 revenue forecast between $253 million and $267 million, with gross margins of 54% to 55%.
On the analyst front, Needham and Cantor Fitzgerald have expressed their views on Onto Innovation. Needham analysts adjusted their price target for Onto Innovation shares, lowering it to $220 from the previous $230, while maintaining a Buy rating on the stock. Meanwhile, Cantor Fitzgerald initiated coverage on Onto Innovation with an Overweight rating and set a price target of $250, based on the firm’s positive outlook on the company’s prospects, particularly in the high bandwidth memory (HBM) market.
In addition, Onto Innovation recently announced the appointment of Mr. Ido Dolev as Executive Vice President of the Product Solutions Group. With his extensive experience in the semiconductor industry, Mr. Dolev is expected to oversee all product solutions, including inspection, metrology, lithography, and software for the company. These are the recent developments based on past articles and recent SEC filings by Onto Innovation Inc.
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