Deepwater Asset Management LLC Purchases 29,084 Shares of Onto Innovation Inc. (NYSE:ONTO)

Deepwater Asset Management LLC raised its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 43.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,325 shares of the semiconductor company's stock after purchasing an additional 29,084 shares during the period. Onto Innovation accounts for about 5.2% of Deepwater Asset Management LLC's holdings, making the stock its 4th biggest position. Deepwater Asset Management LLC owned 0.19% of Onto Innovation worth $15,888,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Congress Asset Management Co. boosted its holdings in shares of Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock valued at $222,670,000 after acquiring an additional 295,869 shares during the period. Citigroup Inc. increased its holdings in shares of Onto Innovation by 811.7% in the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company's stock valued at $66,236,000 after acquiring an additional 284,115 shares during the period. JPMorgan Chase & Co. raised its position in Onto Innovation by 12.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company's stock valued at $416,863,000 after purchasing an additional 228,800 shares during the last quarter. Barclays PLC boosted its stake in Onto Innovation by 1,296.7% during the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company's stock worth $45,079,000 after purchasing an additional 201,640 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in Onto Innovation during the 3rd quarter worth $30,418,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Up 0.6 %

Shares of Onto Innovation stock traded up $1.16 during trading on Thursday, reaching $210.86. The company's stock had a trading volume of 1,404,218 shares, compared to its average volume of 901,293. The business has a 50 day moving average price of $184.54 and a 200-day moving average price of $190.24. Onto Innovation Inc. has a 12-month low of $145.15 and a 12-month high of $238.93. The company has a market capitalization of $10.41 billion, a P/E ratio of 57.14, a price-to-earnings-growth ratio of 1.06 and a beta of 1.31.

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, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Research analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reduced their target price on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a report on Friday, November 1st. Jefferies Financial Group reduced 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. Cantor Fitzgerald assumed coverage on 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 issued a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $275.00 price target on shares of Onto Innovation in a report on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Onto Innovation has a consensus rating of "Moderate Buy" and a consensus target price of $253.75.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 827 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value 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 represents a 5.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Plisinski sold 20,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total value of $4,003,800.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,827 shares of company stock valued at $18,182,185. Corporate 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.