Bessemer Group Inc. Raises Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Bessemer Group Inc. lifted its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,746 shares of the semiconductor company's stock after purchasing an additional 4,362 shares during the quarter. Bessemer Group Inc. owned about 0.26% of Onto Innovation worth $21,458,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTO. Raymond James Financial Inc. purchased a new stake in shares of Onto Innovation in the fourth quarter worth $43,893,000. Bank of Nova Scotia lifted its position in Onto Innovation by 27.9% during the fourth quarter. Bank of Nova Scotia now owns 26,869 shares of the semiconductor company's stock valued at $4,478,000 after purchasing an additional 5,869 shares during the period. Invesco Ltd. boosted its holdings in Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after purchasing an additional 356,161 shares during the last quarter. Federated Hermes Inc. grew its position in Onto Innovation by 20.5% in the 4th quarter. Federated Hermes Inc. now owns 8,566 shares of the semiconductor company's stock worth $1,428,000 after purchasing an additional 1,455 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new stake in Onto Innovation in the 4th quarter worth approximately $47,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 827 shares of the company's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the sale, the senior vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 30,000 shares of the firm's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $211.24, for a total value of $6,337,200.00. Following the sale, the chief executive officer now directly owns 185,492 shares in the company, valued at approximately $39,183,330.08. This trade represents a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,827 shares of company stock worth $14,178,385. Company insiders own 0.72% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have issued reports on ONTO. Stifel Nicolaus cut their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday. Cantor Fitzgerald restated an "overweight" rating and set a $250.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Oppenheimer decreased their price objective on Onto Innovation from $240.00 to $150.00 and set an "outperform" rating for the company in a report on Friday. Finally, Jefferies Financial Group dropped their target price on Onto Innovation from $245.00 to $175.00 and set a "buy" rating on the stock in a research report on Friday, March 28th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Onto Innovation currently has a consensus rating of "Moderate Buy" and an average target price of $218.13.

Onto Innovation Stock Performance

Shares of NYSE ONTO traded down $0.45 during mid-day trading on Tuesday, hitting $120.32. The stock had a trading volume of 567,304 shares, compared to its average volume of 1,069,886. The firm has a market cap of $5.93 billion, a PE ratio of 29.63, a PEG ratio of 0.89 and a beta of 1.46. The company has a 50 day moving average of $141.78 and a two-hundred day moving average of $171.33. Onto Innovation Inc. has a twelve month low of $98.21 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, beating 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%. Equities research analysts predict that Onto Innovation Inc. will post 6.26 EPS 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.