Bank of Nova Scotia Buys 5,869 Shares of Onto Innovation Inc. (NYSE:ONTO)

Bank of Nova Scotia increased its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 27.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,869 shares of the semiconductor company's stock after acquiring an additional 5,869 shares during the quarter. Bank of Nova Scotia owned approximately 0.05% of Onto Innovation worth $4,478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ONTO. HighTower Advisors LLC increased its stake in Onto Innovation by 72.0% in the 3rd quarter. HighTower Advisors LLC now owns 10,184 shares of the semiconductor company's stock worth $2,095,000 after purchasing an additional 4,263 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Onto Innovation by 55.8% in the third quarter. Quantinno Capital Management LP now owns 2,766 shares of the semiconductor company's stock worth $574,000 after buying an additional 991 shares during the period. National Bank of Canada FI purchased a new position in shares of Onto Innovation in the third quarter worth approximately $2,553,000. MML Investors Services LLC raised its holdings in shares of Onto Innovation by 6.6% during the third quarter. MML Investors Services LLC now owns 3,718 shares of the semiconductor company's stock valued at $772,000 after acquiring an additional 230 shares during the period. Finally, Barclays PLC lifted its position in shares of Onto Innovation by 1,296.7% in the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company's stock valued at $45,079,000 after acquiring an additional 201,640 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ONTO. Oppenheimer cut their target price on shares of Onto Innovation from $240.00 to $150.00 and set an "outperform" rating on the stock in a research note on Friday. Jefferies Financial Group lowered their price target on Onto Innovation from $245.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Stifel Nicolaus decreased their price objective on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Finally, StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Onto Innovation currently has an average rating of "Moderate Buy" and a consensus price target of $218.13.

Insider Activity at Onto Innovation

In other Onto Innovation news, CEO Michael P. Plisinski sold 35,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the sale, the chief executive officer now directly owns 150,492 shares of the company's stock, valued at $32,986,341.48. This represents a 18.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the transaction, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,827 shares of company stock worth $14,178,385. 0.72% of the stock is owned by insiders.

Onto Innovation Stock Down 0.4 %

Shares of ONTO traded down $0.45 during midday trading on Tuesday, reaching $120.32. 567,307 shares of the stock were exchanged, compared to its average volume of 787,338. The company has a market cap of $5.93 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 0.89 and a beta of 1.46. The firm has a 50 day simple moving average of $139.97 and a 200-day simple moving average of $170.98. Onto Innovation Inc. has a 12-month low of $98.21 and a 12-month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Research analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Onto Innovation 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.