Nicholas Investment Partners LP Purchases New Shares in Onto Innovation Inc. $ONTO

Nicholas Investment Partners LP purchased a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 24,095 shares of the semiconductor company’s stock, valued at approximately $3,804,000.

Other hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC grew its holdings in Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 115 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Onto Innovation by 109.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 128 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Onto Innovation during the 4th quarter worth $39,000. Finally, Danske Bank A S acquired a new position in Onto Innovation during the 3rd quarter worth $39,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Stock Performance

Onto Innovation stock opened at $323.62 on Friday. The firm’s 50-day moving average is $270.56 and its 200-day moving average is $217.77. Onto Innovation Inc. has a 1 year low of $89.40 and a 1 year high of $326.96. The company has a market cap of $16.10 billion, a P/E ratio of 151.23, a PEG ratio of 1.33 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. During the same period last year, the firm posted $1.51 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, sell-side analysts predict that Onto Innovation Inc. will post 7.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ONTO. Deutsche Bank Aktiengesellschaft began coverage on shares of Onto Innovation in a report on Friday, June 5th. They set a “buy” rating and a $350.00 price objective for the company. Oppenheimer reissued an “outperform” rating on shares of Onto Innovation in a report on Monday, June 1st. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. B. Riley Financial raised their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Finally, Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Onto Innovation presently has a consensus rating of “Buy” and an average target price of $315.00.

Onto Innovation Company 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.