Zweig DiMenna Associates LLC Reduces Holdings in Onto Innovation Inc. (NYSE:ONTO)

Zweig DiMenna Associates LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 32.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,218 shares of the semiconductor company's stock after selling 13,232 shares during the quarter. Zweig DiMenna Associates LLC owned about 0.06% of Onto Innovation worth $5,649,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ONTO. Vaughan Nelson Investment Management L.P. bought a new position in shares of Onto Innovation during the first quarter valued at approximately $29,420,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Onto Innovation by 58.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company's stock worth $85,118,000 after purchasing an additional 174,010 shares during the last quarter. Deepwater Asset Management LLC bought a new stake in Onto Innovation during the first quarter valued at about $1,597,000. State of Michigan Retirement System grew its stake in Onto Innovation by 2.5% in the first quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company's stock valued at $2,191,000 after purchasing an additional 300 shares during the last quarter. Finally, Norden Group LLC bought a new position in Onto Innovation in the first quarter worth about $654,000. 98.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred 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 owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Onto Innovation Price Performance

ONTO stock traded up $1.48 during trading on Friday, hitting $204.36. 451,762 shares of the company traded hands, compared to its average volume of 560,460. Onto Innovation Inc. has a 1 year low of $108.98 and a 1 year high of $238.93. The company has a market cap of $10.09 billion, a PE ratio of 61.00, a P/E/G ratio of 1.32 and a beta of 1.36. The stock's 50-day simple moving average is $203.78 and its 200 day simple moving average is $206.10.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating 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 net margin of 18.50% and a return on equity of 12.71%. The business's revenue was up 27.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.79 EPS. Research analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

About Onto Innovation

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.