Silvant Capital Management LLC Takes $1.02 Million Position in Onto Innovation Inc. (NYSE:ONTO)

Silvant Capital Management LLC purchased a new stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,893 shares of the semiconductor company's stock, valued at approximately $1,016,000.

Other hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in shares of Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company's stock valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Congress Asset Management Co. raised its position in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock valued at $222,670,000 after purchasing an additional 295,869 shares during the last quarter. Natixis Advisors LLC grew its position in Onto Innovation by 379.8% during the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company's stock worth $53,824,000 after purchasing an additional 194,056 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock valued at $188,115,000 after purchasing an additional 189,769 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Onto Innovation in the third quarter valued at $30,418,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

Onto Innovation Stock Performance

Onto Innovation stock traded down $22.23 during midday trading on Friday, reaching $176.10. The company's stock had a trading volume of 1,839,738 shares, compared to its average volume of 644,749. The firm has a market capitalization of $8.70 billion, a PE ratio of 47.72, a P/E/G ratio of 1.28 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $115.07 and a fifty-two week high of $238.93. The stock's 50 day simple moving average is $202.50 and its 200 day simple moving average is $206.68.

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. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.61%. The business's revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 EPS. Equities analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on ONTO. Stifel Nicolaus boosted their price target on Onto Innovation from $240.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, July 15th. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a report on Friday. Benchmark reaffirmed a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday. Needham & Company LLC dropped their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research report on Friday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $254.29.

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.