Arizona State Retirement System Grows Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Arizona State Retirement System increased its stake in Onto Innovation Inc. (NYSE:ONTO) by 1.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,332 shares of the semiconductor company’s stock after acquiring an additional 143 shares during the period. Arizona State Retirement System’s holdings in Onto Innovation were worth $2,389,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. UMB Bank n.a. raised its stake in shares of Onto Innovation by 22.8% during the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock valued at $66,000 after acquiring an additional 74 shares during the last quarter. Northwest & Ethical Investments L.P. increased its position in shares of Onto Innovation by 7.8% during the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock valued at $218,000 after acquiring an additional 76 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Onto Innovation by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company’s stock valued at $256,000 after acquiring an additional 81 shares in the last quarter. Huntington National Bank grew its position in Onto Innovation by 26.3% in the 3rd quarter. Huntington National Bank now owns 423 shares of the semiconductor company’s stock worth $88,000 after purchasing an additional 88 shares during the period. Finally, Hunter Perkins Capital Management LLC grew its position in Onto Innovation by 3.9% in the 4th quarter. Hunter Perkins Capital Management LLC now owns 2,415 shares of the semiconductor company’s stock worth $403,000 after purchasing an additional 90 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Down 7.0 %

ONTO opened at $123.49 on Tuesday. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 0.89 and a beta of 1.29. Onto Innovation Inc. has a 52-week low of $122.48 and a 52-week high of $238.93. The firm’s fifty day simple moving average is $180.46 and its two-hundred day simple moving average is $184.99.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. On average, research analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current year.

Insider Activity at Onto Innovation

In other news, CEO Michael P. Plisinski sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the sale, the chief executive officer now owns 215,492 shares in the company, valued at approximately $43,139,343.48. The trade was a 8.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Srinivas Vedula sold 827 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the transaction, the senior vice president now directly owns 15,223 shares in the company, valued at $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,827 shares of company stock worth $18,182,185. Corporate insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Thursday, February 27th. Oppenheimer decreased their price target on shares of Onto Innovation from $275.00 to $240.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $250.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Finally, Stifel Nicolaus cut their price target on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a report on Friday, February 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and an average target price of $246.88.

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.