National Bank of Canada FI Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

National Bank of Canada FI acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,300 shares of the semiconductor company's stock, valued at approximately $2,553,000.

A number of other hedge funds also recently bought and sold shares of the company. CWM LLC grew its position in Onto Innovation by 8.9% during the second quarter. CWM LLC now owns 1,106 shares of the semiconductor company's stock valued at $243,000 after buying an additional 90 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Onto Innovation by 45.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,628 shares of the semiconductor company's stock worth $357,000 after purchasing an additional 510 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Onto Innovation by 98.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock worth $1,218,000 after purchasing an additional 2,753 shares during the period. Swedbank AB raised 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 worth $13,701,000 after purchasing an additional 49,200 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in Onto Innovation by 24.6% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock valued at $44,444,000 after purchasing an additional 39,955 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Jefferies Financial Group decreased their price objective on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Benchmark restated a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Needham & Company LLC reduced their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Onto Innovation currently has an average rating of "Moderate Buy" and an average target price of $254.29.

Onto Innovation Stock Performance

Shares of Onto Innovation stock traded up $0.64 on Friday, hitting $167.09. 511,854 shares of the company traded hands, compared to its average volume of 596,132. Onto Innovation Inc. has a 52 week low of $134.11 and a 52 week high of $238.93. The business has a 50-day simple moving average of $183.14 and a 200 day simple moving average of $198.82. The stock has a market capitalization of $8.25 billion, a P/E ratio of 45.28, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30.

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