Emerald Mutual Fund Advisers Trust Reduces Holdings in Onto Innovation Inc. (NYSE:ONTO)

Emerald Mutual Fund Advisers Trust decreased its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 17.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 102,424 shares of the semiconductor company’s stock after selling 22,077 shares during the period. Onto Innovation makes up about 1.2% of Emerald Mutual Fund Advisers Trust’s investment portfolio, making the stock its 26th largest position. Emerald Mutual Fund Advisers Trust owned 0.21% of Onto Innovation worth $22,488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC boosted its stake in shares of Onto Innovation by 6,707.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 116,332 shares of the semiconductor company’s stock worth $25,542,000 after purchasing an additional 114,623 shares during the period. Arizona State Retirement System lifted its stake in Onto Innovation by 2.0% in the second quarter. Arizona State Retirement System now owns 13,753 shares of the semiconductor company’s stock worth $3,020,000 after purchasing an additional 264 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Onto Innovation by 42.8% in the second quarter. Victory Capital Management Inc. now owns 107,906 shares of the semiconductor company’s stock worth $23,692,000 after purchasing an additional 32,329 shares during the last quarter. LGT Financial Advisors LLC boosted its position in shares of Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 90 shares during the period. Finally, Cozad Asset Management Inc. bought a new position in shares of Onto Innovation during the second quarter valued at approximately $220,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ONTO. Stifel Nicolaus boosted their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Jefferies Financial Group started coverage on shares of Onto Innovation in a report on Monday, May 13th. They issued a “buy” rating and a $265.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Finally, B. Riley upped their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and an average price target of $259.00.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $177.30 on Friday. The stock has a market cap of $8.74 billion, a price-to-earnings ratio of 63.10 and a beta of 1.37. The firm’s 50-day moving average is $203.81 and its two-hundred day moving average is $201.17. Onto Innovation Inc. has a 1 year low of $108.98 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. The firm had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. On average, equities analysts expect that Onto Innovation Inc. will post 5.11 earnings per share for the current year.

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.