HighTower Advisors LLC Acquires 4,263 Shares of Onto Innovation Inc. (NYSE:ONTO)

HighTower Advisors LLC lifted its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 72.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,184 shares of the semiconductor company's stock after acquiring an additional 4,263 shares during the quarter. HighTower Advisors LLC's holdings in Onto Innovation were worth $2,095,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Millennium Management LLC grew its stake in Onto Innovation by 304.9% in the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company's stock worth $98,329,000 after purchasing an additional 337,250 shares in the last quarter. Congress Asset Management Co. boosted its stake in Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock valued at $222,670,000 after acquiring an additional 295,869 shares during the period. Citigroup Inc. boosted its stake in Onto Innovation by 811.7% in the third 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 during the period. Natixis Advisors LLC boosted its stake in Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company's stock valued at $53,824,000 after acquiring an additional 194,056 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock valued at $188,115,000 after acquiring an additional 189,769 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Jefferies Financial Group decreased their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Benchmark reissued a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Needham & Company LLC dropped their target price on Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Finally, Oppenheimer boosted their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and a consensus target price of $254.29.

Onto Innovation Trading Up 0.4 %

NYSE:ONTO traded up $0.64 during trading hours on Friday, hitting $167.09. 511,854 shares of the stock traded hands, compared to its average volume of 596,132. The firm has a 50 day moving average price of $183.14 and a 200 day moving average price of $198.60. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million during the quarter, compared to analysts' expectations of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation's revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. Research analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current year.

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.