Orion Portfolio Solutions LLC Buys 3,668 Shares of Onto Innovation Inc. (NYSE:ONTO)

Orion Portfolio Solutions LLC raised its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 42.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,314 shares of the semiconductor company's stock after buying an additional 3,668 shares during the period. Orion Portfolio Solutions LLC's holdings in Onto Innovation were worth $2,556,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONTO. Zacks Investment Management boosted its stake in shares of Onto Innovation by 5.1% during the 3rd quarter. Zacks Investment Management now owns 3,484 shares of the semiconductor company's stock valued at $723,000 after buying an additional 170 shares during the last quarter. National Bank of Canada FI acquired a new stake in Onto Innovation in the third quarter valued at $2,553,000. State Street Corp boosted its stake in Onto Innovation by 2.8% during the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company's stock valued at $305,107,000 after acquiring an additional 39,367 shares during the last quarter. Systematic Financial Management LP grew its holdings in Onto Innovation by 2.2% during the 3rd quarter. Systematic Financial Management LP now owns 153,547 shares of the semiconductor company's stock worth $31,870,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Onto Innovation by 55.8% in the 3rd quarter. Quantinno Capital Management LP now owns 2,766 shares of the semiconductor company's stock worth $574,000 after purchasing an additional 991 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Onto Innovation Trading Down 0.7 %

NYSE:ONTO traded down $1.15 during mid-day trading on Thursday, reaching $166.45. 337,033 shares of the stock were exchanged, compared to its average volume of 596,242. Onto Innovation Inc. has a 1-year low of $134.11 and a 1-year high of $238.93. The firm has a market capitalization of $8.22 billion, a PE ratio of 45.10, a PEG ratio of 1.08 and a beta of 1.30. The business has a fifty day moving average price of $184.78 and a 200 day moving average price of $199.51.

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