Azzad Asset Management Inc. ADV Has $857,000 Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Azzad Asset Management Inc. ADV decreased its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 31.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 4,733 shares of the semiconductor company’s stock after selling 2,186 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Onto Innovation were worth $857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of ONTO. Vanguard Group Inc. increased its position in Onto Innovation by 0.5% during the third quarter. Vanguard Group Inc. now owns 5,728,291 shares of the semiconductor company’s stock worth $730,472,000 after acquiring an additional 27,695 shares during the period. Retirement Systems of Alabama bought a new position in shares of Onto Innovation during the fourth quarter worth approximately $9,399,000. Pacer Advisors Inc. raised its position in shares of Onto Innovation by 2,306.3% in the fourth quarter. Pacer Advisors Inc. now owns 10,997 shares of the semiconductor company’s stock valued at $1,681,000 after buying an additional 10,540 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Onto Innovation by 854.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock valued at $45,266,000 after buying an additional 265,042 shares during the period. Finally, Eagle Asset Management Inc. grew its position in Onto Innovation by 36.8% during the fourth quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after buying an additional 79,530 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Insider Activity at Onto Innovation

In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the sale, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Mark Slicer sold 519 shares of Onto Innovation stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the sale, the chief financial officer now owns 12,552 shares of the company’s stock, valued at approximately $2,776,627.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Srinivas Vedula sold 1,486 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $213.40, for a total transaction of $317,112.40. Following the transaction, the senior vice president now owns 17,433 shares in the company, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ONTO shares. Jefferies Financial Group began coverage on Onto Innovation in a report on Monday, May 13th. They issued a “buy” rating and a $265.00 price objective for the company. Stifel Nicolaus boosted their price target on Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, March 25th. B. Riley upped their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Benchmark raised their target price on shares of Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $248.00.

Onto Innovation Price Performance

Shares of ONTO stock traded up $2.44 on Wednesday, hitting $226.39. 85,121 shares of the company’s stock were exchanged, compared to its average volume of 500,963. Onto Innovation Inc. has a 12 month low of $103.93 and a 12 month high of $238.13. The company has a 50 day moving average of $216.17 and a 200 day moving average of $186.05. The stock has a market cap of $11.16 billion, a P/E ratio of 79.70 and a beta of 1.39.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, May 9th. The semiconductor company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.08. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The firm had revenue of $228.80 million during the quarter, compared to analysts’ expectations of $222.60 million. During the same quarter in the prior year, the business earned $0.92 earnings per share. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. Sell-side analysts predict that Onto Innovation Inc. will post 5.05 EPS 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.