Magnetar Financial LLC Boosts Stake in Onto Innovation Inc. (NYSE:ONTO)

Magnetar Financial LLC grew its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 288.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,997 shares of the semiconductor company's stock after buying an additional 14,105 shares during the period. Magnetar Financial LLC's holdings in Onto Innovation were worth $3,166,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ONTO. Teacher Retirement System of Texas grew its stake in shares of Onto Innovation by 28.1% in the 4th quarter. Teacher Retirement System of Texas now owns 21,683 shares of the semiconductor company's stock worth $3,614,000 after buying an additional 4,762 shares during the last quarter. Xponance Inc. grew its stake in shares of Onto Innovation by 5.6% in the fourth quarter. Xponance Inc. now owns 6,804 shares of the semiconductor company's stock worth $1,134,000 after acquiring an additional 360 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Onto Innovation by 8.9% during the fourth quarter. Thrivent Financial for Lutherans now owns 350,261 shares of the semiconductor company's stock valued at $58,378,000 after acquiring an additional 28,741 shares in the last quarter. South Street Advisors LLC raised its position in shares of Onto Innovation by 0.8% in the 4th quarter. South Street Advisors LLC now owns 89,292 shares of the semiconductor company's stock worth $14,882,000 after purchasing an additional 742 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in Onto Innovation by 10.2% in the 4th quarter. Picton Mahoney Asset Management now owns 50,055 shares of the semiconductor company's stock worth $8,344,000 after purchasing an additional 4,639 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

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Onto Innovation Price Performance

Shares of NYSE:ONTO traded down $2.49 during trading on Tuesday, hitting $138.43. The company's stock had a trading volume of 603,362 shares, compared to its average volume of 695,945. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of 34.10, a P/E/G ratio of 0.89 and a beta of 1.29. The company has a 50-day moving average of $170.88 and a 200-day moving average of $180.19. Onto Innovation Inc. has a 12 month low of $121.47 and a 12 month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Insider Activity at Onto Innovation

In other news, SVP Srinivas Vedula sold 827 shares of the firm's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the sale, the senior vice president now directly owns 15,223 shares in the company, valued at $3,120,715. This trade represents a 5.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael P. Plisinski sold 35,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the sale, the chief executive officer now 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. Over the last three months, insiders have sold 85,827 shares of company stock worth $18,182,185. Corporate insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ONTO. Stifel Nicolaus reduced their price objective on shares of Onto Innovation from $270.00 to $250.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, February 7th. Benchmark reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Thursday, February 27th. Finally, Oppenheimer dropped their price target on shares of Onto Innovation from $275.00 to $240.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $246.88.

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.