Corebridge Financial Inc. Cuts Position in Onto Innovation Inc. (NYSE:ONTO)

Corebridge Financial Inc. lowered its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,029 shares of the semiconductor company's stock after selling 2,515 shares during the period. Corebridge Financial Inc. owned about 0.11% of Onto Innovation worth $9,338,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Onto Innovation by 52.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,435 shares of the semiconductor company's stock worth $298,000 after purchasing an additional 493 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Onto Innovation by 287.0% during the third quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company's stock worth $968,000 after buying an additional 3,458 shares in the last quarter. Swedbank AB raised its position in shares of Onto Innovation by 32.2% in the third quarter. Swedbank AB now owns 82,500 shares of the semiconductor company's stock valued at $17,124,000 after buying an additional 20,100 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Onto Innovation in the third quarter worth about $125,000. Finally, Bank of Montreal Can boosted its position in Onto Innovation by 644.3% during the third quarter. Bank of Montreal Can now owns 50,782 shares of the semiconductor company's stock worth $10,937,000 after acquiring an additional 43,959 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

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Onto Innovation Stock Performance

Shares of NYSE ONTO traded down $4.13 during mid-day trading on Monday, reaching $117.94. 156,513 shares of the company's stock were exchanged, compared to its average volume of 734,960. The company's 50-day moving average is $164.57 and its 200-day moving average is $178.70. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 29.05, a PEG ratio of 0.89 and a beta of 1.29. Onto Innovation Inc. has a 52-week low of $115.55 and a 52-week high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced 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 net margin of 20.43% and a return on equity of 14.24%. As a group, equities analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 827 shares of the 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 of the company's stock, valued at approximately $3,120,715. This represents a 5.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael P. Plisinski sold 35,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the completion of the transaction, the chief executive officer now owns 150,492 shares of the company's stock, valued at $32,986,341.48. This trade represents a 18.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,827 shares of company stock worth $18,182,185. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ONTO shares. Needham & Company LLC reissued a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Thursday, February 27th. Benchmark restated a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Oppenheimer reduced their price target on Onto Innovation from $275.00 to $240.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Finally, Stifel Nicolaus set a $200.00 price target on shares of Onto Innovation and gave the company a "buy" rating in a research report on Friday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $231.88.

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.