Geode Capital Management LLC Purchases 13,405 Shares of Onto Innovation Inc. (NYSE:ONTO)

Geode Capital Management LLC boosted its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 834,345 shares of the semiconductor company's stock after purchasing an additional 13,405 shares during the quarter. Geode Capital Management LLC owned about 1.69% of Onto Innovation worth $173,401,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Onto Innovation by 45.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,628 shares of the semiconductor company's stock valued at $357,000 after buying an additional 510 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Onto Innovation by 98.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock valued at $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Onto Innovation in the 2nd quarter worth approximately $920,000. Fifth Third Bancorp increased its position in shares of Onto Innovation by 40.2% during the 2nd 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 last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in Onto Innovation during the 2nd quarter valued at $339,000. Institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Benchmark reiterated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group reduced their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. 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 research note on Friday, November 1st. Finally, Needham & Company LLC cut their target price on 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 analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Onto Innovation has a consensus rating of "Moderate Buy" and a consensus target price of $254.29.

Onto Innovation Stock Up 2.1 %

NYSE:ONTO traded up $3.46 during midday trading on Monday, hitting $170.55. The stock had a trading volume of 583,739 shares, compared to its average volume of 596,081. The stock has a 50-day moving average of $183.14 and a 200 day moving average of $198.41. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 1.07 and a beta of 1.30. Onto Innovation Inc. has a one year low of $134.11 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the firm posted $0.96 earnings per share. The business's revenue for the quarter was up 21.7% on a year-over-year basis. On average, sell-side analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal 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.