Congress Asset Management Co. Sells 584,616 Shares of Onto Innovation Inc. (NYSE:ONTO)

Congress Asset Management Co. lowered its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 54.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 488,180 shares of the semiconductor company's stock after selling 584,616 shares during the quarter. Congress Asset Management Co. owned approximately 0.99% of Onto Innovation worth $81,365,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Citigroup Inc. grew its stake in Onto Innovation by 811.7% during the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company's stock valued at $66,236,000 after acquiring an additional 284,115 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company's stock valued at $416,863,000 after acquiring an additional 228,800 shares in the last quarter. Barclays PLC grew its stake in Onto Innovation by 1,296.7% during 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. Assenagon Asset Management S.A. purchased a new position in Onto Innovation during the 3rd quarter valued at about $30,418,000. Finally, FMR LLC grew its stake in Onto Innovation by 20.5% during the 3rd quarter. FMR LLC now owns 825,682 shares of the semiconductor company's stock valued at $171,379,000 after acquiring an additional 140,659 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

ONTO has been the topic of several research analyst reports. Jefferies Financial Group lowered their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Oppenheimer reaffirmed an "outperform" rating and set a $275.00 target price on shares of Onto Innovation in a research note on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $250.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Benchmark reiterated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, February 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, February 7th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and an average target price of $251.25.

Onto Innovation Price Performance

ONTO traded down $2.07 on Wednesday, hitting $170.67. The company had a trading volume of 720,893 shares, compared to its average volume of 986,887. The company's fifty day moving average price is $186.99 and its 200 day moving average price is $189.75. Onto Innovation Inc. has a 1-year low of $145.15 and a 1-year high of $238.93. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 42.04, a price-to-earnings-growth ratio of 0.93 and a beta of 1.31.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping 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, sell-side analysts forecast that Onto Innovation Inc. will post 6.32 EPS for the current year.

Insiders Place Their Bets

In other Onto Innovation news, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the transaction, the senior vice president now directly owns 15,223 shares of the company's stock, valued at $3,120,715. The trade was a 5.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael P. Plisinski sold 20,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total value of $4,003,800.00. Following the completion of the transaction, the chief executive officer now directly owns 215,492 shares in the company, valued at approximately $43,139,343.48. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock valued at $18,182,185 in the last three months. Company insiders own 0.72% of the company's stock.

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.