California Public Employees Retirement System Sells 7,922 Shares of Onto Innovation Inc. (NYSE:ONTO)

California Public Employees Retirement System trimmed its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 9.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,557 shares of the semiconductor company's stock after selling 7,922 shares during the period. California Public Employees Retirement System owned approximately 0.16% of Onto Innovation worth $13,260,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ONTO. Commonwealth Equity Services LLC boosted its holdings in shares of Onto Innovation by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock valued at $2,680,000 after acquiring an additional 225 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Onto Innovation by 1.6% during the third quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company's stock worth $173,401,000 after purchasing an additional 13,405 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company's stock valued at $416,863,000 after acquiring an additional 228,800 shares in the last quarter. HighTower Advisors LLC raised its holdings in Onto Innovation by 72.0% in the third quarter. HighTower Advisors LLC now owns 10,184 shares of the semiconductor company's stock valued at $2,095,000 after acquiring an additional 4,263 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Onto Innovation by 1,296.7% in the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company's stock worth $45,079,000 after buying an additional 201,640 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ONTO. Benchmark restated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Jefferies Financial Group lowered their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. Oppenheimer decreased their target price on shares of Onto Innovation from $275.00 to $240.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Finally, Stifel Nicolaus set a $200.00 price target on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, March 28th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and a consensus price target of $231.88.

Onto Innovation Stock Down 11.9 %

ONTO traded down $15.88 during trading on Thursday, reaching $117.49. 347,318 shares of the company's stock were exchanged, compared to its average volume of 772,517. Onto Innovation Inc. has a fifty-two week low of $98.21 and a fifty-two week high of $238.93. The business has a 50 day moving average price of $146.83 and a 200 day moving average price of $173.50. The company has a market capitalization of $5.79 billion, a P/E ratio of 29.02, a PEG ratio of 0.89 and a beta of 1.46.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, beating 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 forecast that Onto Innovation Inc. will post 6.26 EPS for the current year.

Insider Activity

In other Onto Innovation news, CEO Michael P. Plisinski sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares of the company's stock, valued at $43,139,343.48. This represents a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Srinivas Vedula sold 827 shares of the company's stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 15,223 shares of the company's stock, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,827 shares of company stock worth $18,182,185. Corporate insiders own 0.72% of the company's stock.

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.