Penserra Capital Management LLC Lowers Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Penserra Capital Management LLC trimmed its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 12.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,093 shares of the semiconductor company's stock after selling 3,901 shares during the quarter. Penserra Capital Management LLC owned approximately 0.05% of Onto Innovation worth $5,623,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Congress Asset Management Co. lifted its holdings in Onto Innovation by 38.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock worth $222,670,000 after purchasing an additional 295,869 shares during the last quarter. Geneva Capital Management LLC grew its position in Onto Innovation by 2.6% during the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company's stock worth $195,032,000 after acquiring an additional 23,628 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Onto Innovation by 28.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock worth $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of Onto Innovation by 2.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company's stock valued at $117,633,000 after buying an additional 10,328 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Onto Innovation by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 522,629 shares of the semiconductor company's stock valued at $114,748,000 after buying an additional 26,563 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Stock Down 0.7 %

Shares of ONTO stock traded down $1.10 on Monday, reaching $165.19. The company's stock had a trading volume of 951,814 shares, compared to its average volume of 594,149. Onto Innovation Inc. has a 12-month low of $134.11 and a 12-month high of $238.93. The company has a market capitalization of $8.16 billion, a P/E ratio of 44.77, a PEG ratio of 1.06 and a beta of 1.37. The stock's 50 day simple moving average is $193.69 and its 200-day simple moving average is $204.49.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Benchmark restated a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group lowered their price objective on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Needham & Company LLC reduced their target price on Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a report on Friday, November 1st. Finally, Oppenheimer increased their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $254.29.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares of the company's stock, valued at $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.72% of the company's stock.

Onto Innovation Company 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.