Vedula Srinivas, the Senior Vice President of Customer Success at Onto Innovation Inc. (NYSE:ONTO), recently sold a portion of his holdings in the company. According to a recent SEC filing, Srinivas sold 827 shares of Onto Innovation's common stock on January 15, 2025. The shares were sold at a price of $205.00 each, resulting in a total transaction value of $169,535. The transaction comes as the $10.6 billion company trades at historically high multiples, with InvestingPro data showing the stock is currently overbought.
Following this transaction, Srinivas holds 15,223 shares of the company's stock. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on September 11, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks, helping them avoid potential accusations of insider trading. Despite recent insider selling, the stock has delivered impressive returns, gaining nearly 39% over the past year. InvestingPro subscribers can access 14 additional investment tips for ONTO, along with detailed valuation metrics.
Onto Innovation, based in Wilmington, Massachusetts, specializes in measuring and controlling devices within the industrial applications and services sector. The company maintains excellent financial health with an overall score of "GREAT" according to InvestingPro analysis, and investors can look forward to its next earnings report on February 6, 2025.
In other recent news, Onto Innovation reported record Q3 revenue of $252 million, a 22% year-over-year increase, along with a gross margin of 54.5% and cash generation of $67 million from operations. The company also announced a Q4 revenue forecast between $253 million and $267 million, anticipating substantial growth in its inspection revenue. Needham analysts maintained a Buy rating on Onto Innovation, despite lowering their price target to $220 from $230, and named it as their Top Pick for 2025. Analysts at Cantor Fitzgerald initiated coverage with an Overweight rating, setting a price target of $250, reflecting a positive outlook on the company's prospects, especially in the high bandwidth memory market. Onto Innovation also welcomed Mr. Ido Dolev as the new Executive Vice President of the Product Solutions Group, overseeing all product solutions for the company. These are the recent developments based on past articles and recent SEC filings by Onto Innovation Inc.
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