Onto Innovation Inc. (NYSE:ONTO) Stake Lessened by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 17.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 367,758 shares of the semiconductor company's stock after selling 78,568 shares during the period. Allspring Global Investments Holdings LLC owned 0.75% of Onto Innovation worth $76,332,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ONTO. Quarry LP lifted its stake in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings 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 purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Onto Innovation in the 1st quarter valued at $28,000. LGT Financial Advisors LLC increased its holdings in shares of Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock worth $54,000 after purchasing an additional 90 shares during the period. Finally, GAMMA Investing LLC raised its stake in Onto Innovation by 41.1% during the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company's stock worth $53,000 after buying an additional 85 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ONTO. Oppenheimer increased their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. Needham & Company LLC raised Onto Innovation from a "hold" rating to a "buy" rating in a report on Monday, August 19th. Stifel Nicolaus raised their target price on Onto Innovation from $240.00 to $270.00 and gave the company a "buy" rating in a report on Monday, July 15th. Finally, Benchmark reaffirmed a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $261.67.

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.72% of the company's stock.

Onto Innovation Stock Performance

NYSE:ONTO traded down $3.20 during mid-day trading on Tuesday, hitting $205.85. 525,825 shares of the stock were exchanged, compared to its average volume of 560,285. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 74.43, a price-to-earnings-growth ratio of 1.36 and a beta of 1.36. Onto Innovation Inc. has a fifty-two week low of $108.98 and a fifty-two week high of $238.93. The firm's 50-day simple moving average is $203.87 and its 200 day simple moving average is $205.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.12. The firm had revenue of $242.33 million during the quarter, compared to analysts' expectations of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company's revenue was up 27.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, analysts predict that Onto Innovation Inc. will post 5.18 EPS for the current fiscal 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.