Lord Abbett & CO. LLC reduced its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 34.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,133 shares of the semiconductor company's stock after selling 129,943 shares during the period. Lord Abbett & CO. LLC owned 0.51% of Onto Innovation worth $52,125,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of ONTO. State Street Corp raised its holdings in shares of Onto Innovation by 2.8% in the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company's stock valued at $305,107,000 after purchasing an additional 39,367 shares in the last quarter. Franklin Resources Inc. raised its stake in Onto Innovation by 4.5% in the third quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company's stock worth $288,320,000 after buying an additional 54,868 shares in the last quarter. Congress Asset Management Co. lifted its holdings in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock worth $222,670,000 after buying an additional 295,869 shares during the period. Geneva Capital Management LLC boosted its position in Onto Innovation by 2.6% during the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company's stock valued at $195,032,000 after acquiring an additional 23,628 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Onto Innovation by 28.5% in the 2nd 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 Ratings Changes
A number of equities research analysts recently weighed in on ONTO shares. Needham & Company LLC dropped their price objective on Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Benchmark restated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer boosted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group lowered their target price on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $254.29.
Check Out Our Latest Stock Report on Onto Innovation
Onto Innovation Trading Up 0.4 %
ONTO stock traded up $0.64 during trading on Friday, reaching $167.09. 511,854 shares of the stock were exchanged, compared to its average volume of 596,132. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 45.28, a P/E/G ratio of 1.07 and a beta of 1.30. The business 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 1 year low of $134.11 and a 1 year high of $238.93.
Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analysts' expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm's quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 earnings per share. On average, research analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current year.
About Onto Innovation
(
Free Report)
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.
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