Principal Financial Group Inc. Sells 53,718 Shares of Onto Innovation Inc. (NYSE:ONTO)

Principal Financial Group Inc. cut its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 29.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 127,714 shares of the semiconductor company's stock after selling 53,718 shares during the quarter. Principal Financial Group Inc. owned approximately 0.26% of Onto Innovation worth $26,508,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Quarry LP increased its position in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company's stock worth $25,000 after buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 108 shares during the period. LGT Financial Advisors LLC increased its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock worth $54,000 after acquiring an additional 90 shares during the period. Fifth Third Bancorp raised its stake in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock valued at $64,000 after purchasing an additional 84 shares during the last quarter. Finally, Eastern Bank bought a new stake in Onto Innovation in the 3rd quarter valued at $65,000. Institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

ONTO has been the topic of several research reports. Needham & Company LLC dropped their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Benchmark restated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a research note 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 report on Friday, November 1st. Finally, Oppenheimer restated an "outperform" rating and set a $275.00 price objective on shares of Onto Innovation in a research report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $254.29.

Onto Innovation Stock Performance

Onto Innovation stock traded down $1.57 during trading hours on Wednesday, hitting $172.70. 227,152 shares of the stock were exchanged, compared to its average volume of 602,194. Onto Innovation Inc. has a 12 month low of $134.11 and a 12 month high of $238.93. The business's 50-day moving average is $177.38 and its two-hundred day moving average is $196.12. The stock has a market capitalization of $8.53 billion, a P/E ratio of 46.80, a P/E/G ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping 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 analyst estimates of $250.85 million. During the same period in the prior year, the company earned $0.96 EPS. Onto Innovation's revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities analysts predict that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal 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.