Point72 Hong Kong Ltd Takes Position in Onto Innovation Inc. (NYSE:ONTO)

Point72 Hong Kong Ltd purchased a new stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 13,163 shares of the semiconductor company's stock, valued at approximately $2,732,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock worth $44,444,000 after acquiring an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Onto Innovation by 98.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock valued at $1,218,000 after buying an additional 2,753 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Onto Innovation by 45.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock valued at $23,112,000 after buying an additional 33,025 shares in the last quarter. Swedbank AB lifted its stake in Onto Innovation by 372.7% in the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company's stock valued at $13,701,000 after buying an additional 49,200 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Onto Innovation in the 3rd quarter valued at approximately $14,539,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on ONTO shares. Jefferies Financial Group reduced their price target on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Oppenheimer increased their price target on Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Needham & Company LLC lowered their price target 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, Benchmark reiterated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. One 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 presently has an average rating of "Moderate Buy" and a consensus price target of $254.29.

Onto Innovation Stock Up 4.8 %

ONTO stock traded up $7.94 during midday trading on Monday, reaching $172.12. The company had a trading volume of 226,223 shares, compared to its average volume of 592,205. The stock has a 50 day moving average price of $191.02 and a 200 day moving average price of $202.67. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The firm has a market capitalization of $8.50 billion, a PE ratio of 44.99, a P/E/G ratio of 1.05 and a beta of 1.37.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business's revenue was up 21.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share. Research analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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.