Congress Asset Management Co. Acquires 295,869 Shares of Onto Innovation Inc. (NYSE:ONTO)

Congress Asset Management Co. raised its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 38.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,072,796 shares of the semiconductor company's stock after acquiring an additional 295,869 shares during the period. Onto Innovation makes up 1.5% of Congress Asset Management Co.'s portfolio, making the stock its 5th biggest position. Congress Asset Management Co. owned about 2.18% of Onto Innovation worth $222,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP boosted its position 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 purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock worth $27,000 after buying an additional 108 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Onto Innovation during the 1st quarter valued at about $28,000. LGT Financial Advisors LLC lifted its position in Onto Innovation by 58.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock worth $54,000 after acquiring an additional 90 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock worth $64,000 after acquiring an additional 84 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the company's 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 completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

ONTO has been the topic of a number of analyst reports. Benchmark reiterated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, August 9th. Needham & Company LLC upgraded shares of 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 research note on Monday, July 15th. Finally, Oppenheimer boosted their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $261.67.

Onto Innovation Stock Down 4.3 %

NYSE:ONTO traded down $9.00 during trading hours on Thursday, reaching $198.41. 954,081 shares of the stock were exchanged, compared to its average volume of 562,172. Onto Innovation Inc. has a 52 week low of $108.98 and a 52 week high of $238.93. The stock has a market capitalization of $9.80 billion, a P/E ratio of 59.20, a P/E/G ratio of 1.31 and a beta of 1.36. The firm has a 50 day simple moving average of $203.44 and a 200-day simple moving average of $206.67.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company had revenue of $242.33 million for the quarter, compared to analysts' expectations of $235.43 million. During the same period in the prior year, the company earned $0.79 earnings per share. The firm's revenue was up 27.1% compared to the same quarter last year. As a group, analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current 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.