Fred Alger Management LLC Has $2.82 Million Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Fred Alger Management LLC raised its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 171.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,600 shares of the semiconductor company’s stock after purchasing an additional 8,597 shares during the quarter. Fred Alger Management LLC’s holdings in Onto Innovation were worth $2,823,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Congress Asset Management Co. boosted its stake in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after buying an additional 295,869 shares in the last quarter. Geneva Capital Management LLC lifted its holdings in shares of Onto Innovation by 2.6% during the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after acquiring an additional 23,628 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after purchasing an additional 189,769 shares in the last quarter. FMR LLC grew its holdings in shares of Onto Innovation by 20.5% in the 3rd quarter. FMR LLC now owns 825,682 shares of the semiconductor company’s stock worth $171,379,000 after purchasing an additional 140,659 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its position in shares of Onto Innovation by 2.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock worth $117,633,000 after purchasing an additional 10,328 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Onto Innovation 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 transaction, the senior vice president now owns 16,050 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

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

Onto Innovation Stock Up 1.9 %

ONTO stock opened at $164.18 on Monday. Onto Innovation Inc. has a twelve month low of $134.11 and a twelve month high of $238.93. The company has a market cap of $8.11 billion, a P/E ratio of 44.49, a PEG ratio of 1.05 and a beta of 1.37. The business has a fifty day moving average of $191.02 and a 200-day moving average of $202.67.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating 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 company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same period in the prior year, the company posted $0.96 EPS. The company’s revenue was up 21.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

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.