Canada Pension Plan Investment Board Buys 44,400 Shares of Onto Innovation Inc. (NYSE:ONTO)

Canada Pension Plan Investment Board increased its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 215.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,000 shares of the semiconductor company's stock after buying an additional 44,400 shares during the quarter. Canada Pension Plan Investment Board owned 0.13% of Onto Innovation worth $10,834,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ONTO. Norges Bank bought a new position in shares of Onto Innovation during the fourth quarter valued at $87,987,000. Artisan Partners Limited Partnership lifted its holdings in Onto Innovation by 41.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after purchasing an additional 444,860 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Onto Innovation by 72.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company's stock worth $145,045,000 after buying an additional 364,853 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Onto Innovation by 33.9% during the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after buying an additional 356,161 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Onto Innovation by 21.2% in the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock valued at $258,883,000 after acquiring an additional 271,470 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ONTO shares. Oppenheimer dropped their price target on Onto Innovation from $240.00 to $150.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Stifel Nicolaus lowered their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Thursday, February 27th. Jefferies Financial Group lowered their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $250.00 target price on shares of Onto Innovation in a research 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $218.13.

Onto Innovation Price Performance

Shares of Onto Innovation stock traded up $5.20 on Thursday, hitting $125.19. 914,160 shares of the company's stock traded hands, compared to its average volume of 798,801. The firm's 50-day moving average price is $132.46 and its two-hundred day moving average price is $167.44. The stock has a market capitalization of $6.11 billion, a PE ratio of 30.83, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. Onto Innovation Inc. has a one year low of $98.21 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. On average, analysts forecast 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.