Pitcairn Co. Sells 699 Shares of Onto Innovation Inc. (NYSE:ONTO)

Pitcairn Co. reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 20.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,759 shares of the semiconductor company’s stock after selling 699 shares during the period. Pitcairn Co.’s holdings in Onto Innovation were worth $573,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ONTO. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after acquiring an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Onto Innovation by 45.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after purchasing an additional 33,025 shares during the period. Swedbank AB raised its position in shares of Onto Innovation by 372.7% in the second quarter. Swedbank AB now owns 62,400 shares of the semiconductor company’s stock valued at $13,701,000 after purchasing an additional 49,200 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Onto Innovation during the 3rd quarter worth about $14,539,000. Institutional investors own 98.35% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Oppenheimer increased their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group lowered their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC reduced their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $165.19 on Tuesday. Onto Innovation Inc. has a 52 week low of $134.11 and a 52 week high of $238.93. The stock’s fifty day moving average is $193.69 and its 200 day moving average is $204.49. The stock has a market capitalization of $8.16 billion, a P/E ratio of 44.77, a PEG ratio of 1.06 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million during 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 business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 EPS. Equities research analysts forecast that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In other 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 value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 7.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

Onto Innovation Company 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.