Stephens Investment Management Group LLC Sells 109,850 Shares of Onto Innovation Inc. (NYSE:ONTO)

Stephens Investment Management Group LLC decreased its stake in Onto Innovation Inc. (NYSE:ONTO) by 20.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,860 shares of the semiconductor company’s stock after selling 109,850 shares during the period. Onto Innovation accounts for approximately 1.2% of Stephens Investment Management Group LLC’s holdings, making the stock its 23rd largest position. Stephens Investment Management Group LLC’s holdings in Onto Innovation were worth $87,146,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. US Bancorp DE grew its holdings in shares of Onto Innovation by 185.4% in the 3rd quarter. US Bancorp DE now owns 12,612 shares of the semiconductor company’s stock valued at $2,618,000 after acquiring an additional 8,193 shares in the last quarter. Congress Asset Management Co. grew its holdings in shares of Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after acquiring an additional 295,869 shares in the last quarter. Deepwater Asset Management LLC grew its holdings in shares of Onto Innovation by 3.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 66,241 shares of the semiconductor company’s stock valued at $13,749,000 after acquiring an additional 2,168 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Onto Innovation by 503.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 12,888 shares of the semiconductor company’s stock valued at $2,675,000 after acquiring an additional 10,754 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Onto Innovation by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,710 shares of the semiconductor company’s stock valued at $1,185,000 after acquiring an additional 385 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ONTO. Oppenheimer raised their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $261.67.

Onto Innovation Stock Performance

NYSE ONTO opened at $198.41 on Friday. The firm’s fifty day moving average price is $203.24 and its two-hundred day moving average price is $206.62. The stock has a market cap of $9.80 billion, a PE ratio of 59.23, a PEG ratio of 1.33 and a beta of 1.36. Onto Innovation Inc. has a fifty-two week low of $108.98 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm had revenue of $242.33 million for the quarter, compared to analysts’ expectations of $235.43 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. The company’s revenue was up 27.1% on a year-over-year basis. As a group, sell-side analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by insiders.

Onto Innovation Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.