PNC Financial Services Group Inc. Acquires 1,878 Shares of Onto Innovation Inc. (NYSE:ONTO)

PNC Financial Services Group Inc. raised its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 42.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,342 shares of the semiconductor company's stock after acquiring an additional 1,878 shares during the period. PNC Financial Services Group Inc.'s holdings in Onto Innovation were worth $1,057,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of 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. 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 purchasing an additional 39,367 shares in the last quarter. Franklin Resources Inc. boosted its stake in Onto Innovation by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company's stock valued at $288,320,000 after purchasing an additional 54,868 shares in the last quarter. Geneva Capital Management LLC increased its position in shares of Onto Innovation by 7.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,010,691 shares of the semiconductor company's stock valued at $168,452,000 after purchasing an additional 71,050 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Onto Innovation by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company's stock worth $173,401,000 after buying an additional 13,405 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

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Wall Street Analysts Forecast Growth

ONTO has been the topic of a number of research analyst reports. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. Benchmark reiterated a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Stifel Nicolaus reduced their target price on shares of Onto Innovation from $270.00 to $250.00 and set a "buy" rating for the company in a report on Friday, February 7th. Needham & Company LLC restated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Oppenheimer cut their price objective on Onto Innovation from $275.00 to $240.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $246.88.

Onto Innovation Price Performance

Onto Innovation stock traded down $0.07 during midday trading on Thursday, reaching $137.55. The stock had a trading volume of 501,706 shares, compared to its average volume of 690,557. Onto Innovation Inc. has a twelve month low of $121.47 and a twelve month high of $238.93. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 0.89 and a beta of 1.29. The firm's fifty day simple moving average is $174.05 and its two-hundred day simple moving average is $181.46.

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, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. As a group, sell-side analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael P. Plisinski sold 20,000 shares of the business's stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the transaction, the chief executive officer now directly owns 215,492 shares in the company, valued at $43,139,343.48. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of the stock in a transaction 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 sale, the senior vice president now owns 15,223 shares of the company's stock, valued at approximately $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock worth $18,182,185 in the last 90 days. Company insiders own 0.72% of the company's stock.

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.