Onto Innovation Inc. (NYSE:ONTO) Position Reduced by Fisher Asset Management LLC

Fisher Asset Management LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 711,341 shares of the semiconductor company’s stock after selling 57,080 shares during the quarter. Fisher Asset Management LLC’s holdings in Onto Innovation were worth $147,646,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Quarry LP boosted its stake in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. LGT Financial Advisors LLC raised its holdings in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares in the last quarter. Fifth Third Bancorp lifted its stake in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after purchasing an additional 84 shares during the last quarter. Finally, Eastern Bank bought a new stake in Onto Innovation during the third quarter worth approximately $65,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONTO has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group reduced their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Oppenheimer lifted their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Needham & Company LLC reduced 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. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Price Performance

NYSE:ONTO opened at $165.19 on Tuesday. The stock’s 50-day moving average is $193.69 and its two-hundred day moving average is $204.49. The stock has a market cap of $8.16 billion, a PE ratio of 44.77, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. On average, equities research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Insider Buying and Selling

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

About Onto Innovation

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.