Eventide Asset Management LLC Buys New Holdings in Onto Innovation Inc. (NYSE:ONTO)

Eventide Asset Management LLC purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,125 shares of the semiconductor company’s stock, valued at approximately $1,064,000.

Other large investors also recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. increased its position in 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 purchasing an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after buying an additional 2,753 shares during the period. Public Employees Retirement Association of Colorado increased 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 worth $23,112,000 after acquiring an additional 33,025 shares in the last quarter. Swedbank AB raised its stake in shares of Onto Innovation by 372.7% in the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company’s stock valued at $13,701,000 after acquiring an additional 49,200 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Onto Innovation during the 3rd quarter valued at $14,539,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Up 1.9 %

ONTO stock opened at $164.18 on Friday. The stock’s 50 day moving average is $191.02 and its two-hundred day moving average is $203.06. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93. The company has a market capitalization of $8.11 billion, a PE ratio of 44.49, a P/E/G ratio of 1.03 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The business’s revenue was up 21.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current year.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction 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 sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.