Algert Global LLC Boosts Holdings in Onto Innovation Inc. (NYSE:ONTO)

Algert Global LLC raised its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 410.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,498 shares of the semiconductor company’s stock after acquiring an additional 24,520 shares during the quarter. Algert Global LLC’s holdings in Onto Innovation were worth $6,330,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its stake in shares of Onto Innovation by 10.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,381 shares of the semiconductor company’s stock worth $612,000 after purchasing an additional 317 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Onto Innovation in the first quarter worth approximately $80,000. Advisors Asset Management Inc. grew its holdings in Onto Innovation by 30.9% in the first quarter. Advisors Asset Management Inc. now owns 4,339 shares of the semiconductor company’s stock valued at $786,000 after purchasing an additional 1,025 shares during the period. 1832 Asset Management L.P. purchased a new stake in Onto Innovation in the first quarter valued at approximately $6,754,000. Finally, LRI Investments LLC purchased a new stake in Onto Innovation in the first quarter valued at approximately $95,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on ONTO shares. Oppenheimer boosted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Needham & Company LLC decreased their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Price Performance

ONTO opened at $166.29 on Friday. The stock has a market capitalization of $8.21 billion, a PE ratio of 45.07, a P/E/G ratio of 1.07 and a beta of 1.37. The firm’s fifty day moving average price is $194.17 and its 200 day moving average price is $204.80. Onto Innovation Inc. has a 12-month low of $134.11 and a 12-month high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 earnings per share. On average, equities research analysts forecast that Onto Innovation Inc. will post 5.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by corporate 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.