Beaconlight Capital LLC Makes New Investment in Onto Innovation Inc. $ONTO

Beaconlight Capital LLC bought a new position in Onto Innovation Inc. (NYSE:ONTO) in the first quarter, HoldingsChannel reports. The institutional investor bought 3,941 shares of the semiconductor company’s stock, valued at approximately $808,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Root Financial Partners LLC grew its position in shares of Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC increased its position in Onto Innovation by 188.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 115 shares during the last quarter. Millstone Evans Group LLC boosted its holdings in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Onto Innovation during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 6.7%

NYSE:ONTO opened at $271.83 on Friday. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The company has a market capitalization of $13.52 billion, a P/E ratio of 127.02, a P/E/G ratio of 1.19 and a beta of 1.55. The stock’s fifty day moving average is $296.34 and its two-hundred day moving average is $251.19.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same quarter last year, the firm posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Sell-side analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ONTO has been the subject of several recent analyst reports. Morgan Stanley assumed coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price for the company. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Zacks Research upgraded Onto Innovation from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, Cantor Fitzgerald increased their target price on Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $339.60.

Onto Innovation Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.