Onto Innovation Inc. (NYSE:ONTO) Stock Holdings Increased by State Street Corp

State Street Corp boosted its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,469,969 shares of the semiconductor company's stock after purchasing an additional 39,367 shares during the period. State Street Corp owned approximately 2.98% of Onto Innovation worth $305,107,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ONTO. Millennium Management LLC increased its holdings in Onto Innovation by 304.9% in the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company's stock valued at $98,329,000 after buying an additional 337,250 shares during the last quarter. Congress Asset Management Co. increased its holdings in shares of Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock valued at $222,670,000 after acquiring an additional 295,869 shares during the last quarter. Citigroup Inc. raised its position in shares of Onto Innovation by 811.7% during the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company's stock valued at $66,236,000 after acquiring an additional 284,115 shares in the last quarter. Natixis Advisors LLC lifted its stake in Onto Innovation by 379.8% during the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company's stock worth $53,824,000 after purchasing an additional 194,056 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock worth $188,115,000 after purchasing an additional 189,769 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

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

Onto Innovation Price Performance

Shares of NYSE ONTO traded up $4.87 during mid-day trading on Wednesday, reaching $168.21. 249,384 shares of the company traded hands, compared to its average volume of 596,115. The firm has a market cap of $8.31 billion, a PE ratio of 44.24, a price-to-earnings-growth ratio of 1.08 and a beta of 1.30. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The stock has a fifty day simple moving average of $186.36 and a 200-day simple moving average of $200.23.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the previous year, the business earned $0.96 EPS. The company's quarterly revenue was up 21.7% compared to the same quarter last year. As a group, analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

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.