Fred Alger Management LLC Has $2.82 Million Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Fred Alger Management LLC boosted its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 171.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,600 shares of the semiconductor company's stock after buying an additional 8,597 shares during the period. Fred Alger Management LLC's holdings in Onto Innovation were worth $2,823,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ONTO. Vaughan Nelson Investment Management L.P. increased its stake in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock worth $44,444,000 after purchasing an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock valued at $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock valued at $23,112,000 after purchasing an additional 33,025 shares during the period. Swedbank AB grew its holdings in Onto Innovation by 372.7% in the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company's stock valued at $13,701,000 after buying an additional 49,200 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Onto Innovation in the 3rd quarter worth approximately $14,539,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Shares of ONTO stock traded up $6.67 during trading hours on Monday, reaching $170.85. 990,668 shares of the company were exchanged, compared to its average volume of 595,582. The stock's fifty day moving average is $190.42 and its two-hundred day moving average is $202.30. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The company has a market cap of $8.44 billion, a price-to-earnings ratio of 46.30, a P/E/G ratio of 1.05 and a beta of 1.37.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million for the quarter, compared to analysts' expectations of $250.85 million. During the same quarter last year, the business earned $0.96 earnings per share. The firm's quarterly revenue was up 21.7% compared to the same quarter last year. On average, research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ONTO. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Needham & Company LLC reduced their price objective on Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Oppenheimer boosted their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Finally, Benchmark reiterated a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $254.29.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares of the company's stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.72% of the company's stock.

Onto Innovation Company 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.