Citigroup Inc. Grows Stake in Onto Innovation Inc. (NYSE:ONTO)

Citigroup Inc. increased its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 811.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 319,116 shares of the semiconductor company’s stock after purchasing an additional 284,115 shares during the period. Citigroup Inc.’s holdings in Onto Innovation were worth $66,236,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Landscape Capital Management L.L.C. acquired a new position in shares of Onto Innovation during the third quarter valued at approximately $396,000. Value Aligned Research Advisors LLC increased its position in shares of Onto Innovation by 12.0% during the third quarter. Value Aligned Research Advisors LLC now owns 243,027 shares of the semiconductor company’s stock worth $50,443,000 after purchasing an additional 26,013 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Onto Innovation by 9.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,391 shares of the semiconductor company’s stock valued at $1,327,000 after purchasing an additional 562 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Onto Innovation by 52.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,435 shares of the semiconductor company’s stock valued at $298,000 after purchasing an additional 493 shares in the last quarter. Finally, Braun Stacey Associates Inc. acquired a new stake in Onto Innovation during the 3rd quarter worth $22,949,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This trade represents a 7.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

Onto Innovation Stock Performance

Shares of Onto Innovation stock opened at $166.29 on Friday. The stock has a 50 day moving average of $194.17 and a 200 day moving average of $204.80. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 45.07, a PEG ratio of 1.07 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93.

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

Analyst Upgrades and Downgrades

ONTO has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer raised their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Needham & Company LLC dropped their price target 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. Finally, Jefferies Financial Group reduced their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.