Onto Innovation Inc. (NYSE:ONTO) is Geneva Capital Management LLC's 2nd Largest Position

Geneva Capital Management LLC boosted its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 939,641 shares of the semiconductor company's stock after purchasing an additional 23,628 shares during the quarter. Onto Innovation comprises about 3.3% of Geneva Capital Management LLC's holdings, making the stock its 2nd biggest holding. Geneva Capital Management LLC owned 1.90% of Onto Innovation worth $195,032,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ONTO. Quarry LP boosted its position in shares of Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company's stock valued at $25,000 after buying an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake 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 acquiring an additional 108 shares during the period. LGT Financial Advisors LLC raised 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 valued at $54,000 after purchasing an additional 90 shares during the last quarter. Fifth Third Bancorp lifted its position in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock valued at $64,000 after purchasing an additional 84 shares during the period. Finally, Eastern Bank purchased a new stake in Onto Innovation in the third quarter worth approximately $65,000. 98.35% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.72% of the company's stock.

Onto Innovation Stock Performance

Shares of NYSE ONTO traded down $0.70 during trading on Tuesday, hitting $173.93. The company had a trading volume of 221,497 shares, compared to its average volume of 580,105. Onto Innovation Inc. has a 12 month low of $131.78 and a 12 month high of $238.93. The firm has a market capitalization of $8.59 billion, a P/E ratio of 47.32, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The stock has a 50 day simple moving average of $198.31 and a 200 day simple moving average of $206.85.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The company's revenue for the quarter was up 21.7% on a year-over-year basis. As a group, analysts predict that Onto Innovation Inc. will post 5.19 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ONTO. Needham & Company LLC decreased their target price on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Jefferies Financial Group lowered 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, November 1st. Benchmark restated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Stifel Nicolaus increased 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. Finally, Oppenheimer raised 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and an average price target of $254.29.

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.

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