Algert Global LLC Acquires 24,520 Shares of Onto Innovation Inc. (NYSE:ONTO)

Algert Global LLC lifted its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 410.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,498 shares of the semiconductor company's stock after purchasing an additional 24,520 shares during the quarter. Algert Global LLC owned 0.06% of Onto Innovation worth $6,330,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in shares of Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company's stock valued at $425,000 after purchasing an additional 50 shares in the last quarter. Magnetar Financial LLC boosted its position in Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company's stock worth $356,000 after buying an additional 63 shares during the period. Shaker Investments LLC OH grew its holdings in Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company's stock worth $862,000 after acquiring an additional 64 shares during the last quarter. Quarry LP increased its position in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 79 shares during the period. Finally, Hunter Perkins Capital Management LLC raised its stake in shares of Onto Innovation by 3.6% during the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company's stock valued at $483,000 after acquiring an additional 80 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ONTO has been the topic of several analyst reports. Needham & Company LLC reduced their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Oppenheimer lifted their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $254.29.

Onto Innovation Stock Performance

Shares of NYSE:ONTO traded down $0.21 during midday trading on Friday, reaching $166.29. The company's stock had a trading volume of 967,127 shares, compared to its average volume of 898,519. The firm has a 50 day moving average price of $194.17 and a two-hundred day moving average price of $204.80. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 45.07, a PEG ratio of 1.07 and a beta of 1.37.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company's revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.96 earnings per share. As a group, research analysts anticipate that Onto Innovation Inc. will post 5.19 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 1,275 shares of the company's stock in a transaction that occurred on 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 directly owns 16,050 shares of the company's stock, valued at $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 through this link. 0.72% of the stock is owned by insiders.

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.