Jennison Associates LLC Sells 5,651 Shares of Onto Innovation Inc. (NYSE:ONTO)

Jennison Associates LLC lessened its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 71.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,307 shares of the semiconductor company's stock after selling 5,651 shares during the quarter. Jennison Associates LLC's holdings in Onto Innovation were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ONTO. Quarry LP boosted its position in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company's stock valued at $25,000 after buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock valued at $27,000 after buying an additional 108 shares during the period. LGT Financial Advisors LLC boosted its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock valued at $54,000 after buying an additional 90 shares during the period. Fifth Third Bancorp boosted its position in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock valued at $64,000 after buying an additional 84 shares during the period. Finally, Eastern Bank purchased a new stake in Onto Innovation during the third quarter valued at about $65,000. Institutional investors own 98.35% of the company's stock.

Insider Buying and Selling at Onto Innovation

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

Analysts Set New Price Targets

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

Onto Innovation Price Performance

ONTO traded down $1.10 on Monday, hitting $165.19. The company had a trading volume of 951,814 shares, compared to its average volume of 594,149. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93. The stock has a fifty day simple moving average of $193.69 and a 200-day simple moving average of $204.49. The firm has a market capitalization of $8.16 billion, a P/E ratio of 44.77, a P/E/G ratio of 1.06 and a beta of 1.37.

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