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

Principal Financial Group Inc. cut its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 29.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 127,714 shares of the semiconductor company's stock after selling 53,718 shares during the quarter. Principal Financial Group Inc. owned about 0.26% of Onto Innovation worth $26,508,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ONTO. Vaughan Nelson Investment Management L.P. raised its position in Onto Innovation by 24.6% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock valued at $44,444,000 after buying an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock worth $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in Onto Innovation by 45.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock valued at $23,112,000 after purchasing an additional 33,025 shares in the last quarter. Sei Investments Co. lifted its position in Onto Innovation by 15.1% during the 1st quarter. Sei Investments Co. now owns 143,628 shares of the semiconductor company's stock worth $26,008,000 after buying an additional 18,843 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Onto Innovation by 7.0% during the 1st quarter. Bessemer Group Inc. now owns 119,890 shares of the semiconductor company's stock worth $21,709,000 after buying an additional 7,815 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Performance

ONTO traded down $8.46 during trading hours on Wednesday, reaching $166.29. The company's stock had a trading volume of 387,028 shares, compared to its average volume of 582,502. The company's 50-day moving average is $198.07 and its 200-day moving average is $206.74. Onto Innovation Inc. has a 52 week low of $131.78 and a 52 week high of $238.93. The firm has a market cap of $8.21 billion, a PE ratio of 46.03, a price-to-earnings-growth ratio of 1.12 and a beta of 1.37.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company had revenue of $252.20 million during the quarter, compared to analysts' expectations of $250.85 million. During the same quarter last year, the company posted $0.96 EPS. Onto Innovation's quarterly revenue was up 21.7% compared to the same quarter last year. Equities analysts anticipate that Onto Innovation Inc. will post 5.19 earnings per share for the current fiscal year.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares of the company's stock, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Benchmark reiterated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. Needham & Company LLC decreased 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. Finally, Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $254.29.

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.