Swedbank AB Increases Stake in Onto Innovation Inc. (NYSE:ONTO)

Swedbank AB raised its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 138.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 197,000 shares of the semiconductor company's stock after acquiring an additional 114,500 shares during the quarter. Swedbank AB owned approximately 0.40% of Onto Innovation worth $32,834,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Quarry LP raised its stake in Onto Innovation by 232.4% in 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 period. Northwestern Mutual Wealth Management Co. raised its stake in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 108 shares during the period. Versant Capital Management Inc lifted its holdings in Onto Innovation by 532.4% during the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 197 shares during the last quarter. Berbice Capital Management LLC bought a new position in Onto Innovation during the fourth quarter worth $50,000. Finally, Eastern Bank acquired a new position in shares of Onto Innovation in the third quarter valued at $65,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Trading Down 2.3 %

ONTO stock traded down $4.75 during trading on Monday, reaching $200.01. 344,962 shares of the stock were exchanged, compared to its average volume of 881,537. Onto Innovation Inc. has a twelve month low of $145.15 and a twelve month high of $238.93. The firm's 50 day moving average is $182.12 and its 200 day moving average is $190.10. The firm has a market cap of $9.88 billion, a P/E ratio of 54.27, a price-to-earnings-growth ratio of 1.06 and a beta of 1.31.

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 for the quarter, beating the consensus estimate of $1.31 by $0.03. The business 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%. The firm's revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 EPS. As a group, analysts predict that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In other news, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. The trade was a 5.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael P. Plisinski sold 35,000 shares of Onto Innovation stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total value of $7,671,650.00. Following the transaction, the chief executive officer now directly owns 150,492 shares of the company's stock, valued at $32,986,341.48. The trade was a 18.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock valued at $18,182,185 over the last ninety days. Corporate insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

ONTO has been the subject of several research reports. Cantor Fitzgerald began coverage on shares of Onto Innovation in a research report on Monday, January 13th. They set an "overweight" rating and a $250.00 price objective for the company. Benchmark reissued a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer reaffirmed an "outperform" rating and issued a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a report on Friday, November 1st. Finally, Needham & Company LLC decreased their price target 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, November 1st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Onto Innovation currently has an average rating of "Moderate Buy" and a consensus price target of $253.75.

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.