Verition Fund Management LLC Sells 15,726 Shares of Onto Innovation Inc. (NYSE:ONTO)

Verition Fund Management LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 80.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,927 shares of the semiconductor company's stock after selling 15,726 shares during the quarter. Verition Fund Management LLC's holdings in Onto Innovation were worth $815,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Congress Asset Management Co. grew its position 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 worth $222,670,000 after buying an additional 295,869 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in Onto Innovation by 2.6% in the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company's stock valued at $195,032,000 after acquiring an additional 23,628 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Onto Innovation by 28.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock valued at $188,115,000 after purchasing an additional 189,769 shares during the period. FMR LLC raised its holdings in Onto Innovation by 20.5% in the 3rd quarter. FMR LLC now owns 825,682 shares of the semiconductor company's stock worth $171,379,000 after purchasing an additional 140,659 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in shares of Onto Innovation by 2.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company's stock worth $117,633,000 after purchasing an additional 10,328 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

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

Onto Innovation Stock Performance

Shares of ONTO traded down $5.74 during mid-day trading on Tuesday, reaching $163.25. The company had a trading volume of 628,523 shares, compared to its average volume of 597,666. The company has a market capitalization of $8.06 billion, a price-to-earnings ratio of 44.27, a price-to-earnings-growth ratio of 1.08 and a beta of 1.30. The firm has a 50-day moving average price of $186.36 and a 200 day moving average price of $200.23. Onto Innovation Inc. has a 52 week low of $134.11 and a 52 week high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $250.85 million. During the same period in the previous year, the company posted $0.96 earnings per share. The company's revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, research analysts forecast that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

About Onto Innovation

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.