Swedbank AB Trims Holdings in Onto Innovation Inc. $ONTO

Swedbank AB lessened its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 26.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,600 shares of the semiconductor company’s stock after selling 29,900 shares during the period. Swedbank AB owned about 0.17% of Onto Innovation worth $13,039,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Onto Innovation by 31.2% during the 3rd quarter. Principal Financial Group Inc. now owns 145,532 shares of the semiconductor company’s stock valued at $18,806,000 after purchasing an additional 34,567 shares during the period. New York State Common Retirement Fund increased its holdings in Onto Innovation by 64.9% during the 3rd quarter. New York State Common Retirement Fund now owns 117,232 shares of the semiconductor company’s stock valued at $15,149,000 after purchasing an additional 46,118 shares during the period. EFG Asset Management North America Corp. purchased a new position in Onto Innovation during the 3rd quarter valued at about $1,549,000. Eagle Rock Investment Company LLC increased its holdings in Onto Innovation by 99.3% during the 4th quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company’s stock valued at $1,584,000 after purchasing an additional 5,000 shares during the period. Finally, CWM LLC increased its holdings in Onto Innovation by 361.2% during the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company’s stock valued at $3,168,000 after purchasing an additional 15,717 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO stock opened at $274.27 on Wednesday. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $316.00. The business’s 50 day moving average price is $252.60 and its two-hundred day moving average price is $205.27. The company has a market capitalization of $13.64 billion, a price-to-earnings ratio of 128.16, a price-to-earnings-growth ratio of 1.28 and a beta of 1.70.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. During the same quarter in the prior year, the business earned $1.51 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Sell-side analysts forecast that Onto Innovation Inc. will post 6.83 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Evercore restated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Needham & Company LLC upped their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Cantor Fitzgerald upped their target price on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $310.63.

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.