Fmr LLC Grows Position in Onto Innovation Inc. (NYSE:ONTO)

FMR LLC raised its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 20.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 825,682 shares of the semiconductor company's stock after purchasing an additional 140,659 shares during the quarter. FMR LLC owned approximately 1.67% of Onto Innovation worth $171,379,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Congress Asset Management Co. grew its position in shares of Onto Innovation by 38.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock worth $222,670,000 after buying an additional 295,869 shares during the period. Geneva Capital Management LLC lifted its holdings in shares of Onto Innovation by 2.6% in the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company's stock worth $195,032,000 after purchasing an additional 23,628 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock worth $188,115,000 after purchasing an additional 189,769 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Onto Innovation by 2.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company's stock worth $117,633,000 after purchasing an additional 10,328 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Onto Innovation by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 522,629 shares of the semiconductor company's stock worth $114,748,000 after purchasing an additional 26,563 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

ONTO has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Benchmark reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC cut their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $254.29.

Onto Innovation Price Performance

Shares of ONTO traded up $3.05 during midday trading on Tuesday, hitting $173.90. 247,691 shares of the company traded hands, compared to its average volume of 594,014. The stock has a 50-day moving average of $190.42 and a 200-day moving average of $202.30. Onto Innovation Inc. has a one year low of $134.11 and a one year high of $238.93. The firm has a market cap of $8.59 billion, a P/E ratio of 46.93, a PEG ratio of 1.05 and a beta of 1.30.

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