Onto Innovation Inc. (NYSE:ONTO) Stake Lessened by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its holdings in Onto Innovation Inc. (NYSE:ONTO) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,819 shares of the semiconductor company’s stock after selling 814 shares during the period. Retirement Systems of Alabama’s holdings in Onto Innovation were worth $13,353,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ONTO. Fidelis Capital Partners LLC purchased a new stake in shares of Onto Innovation during the first quarter worth $28,000. GAMMA Investing LLC purchased a new stake in shares of Onto Innovation during the fourth quarter worth $33,000. Rise Advisors LLC purchased a new stake in shares of Onto Innovation during the first quarter worth $38,000. Parallel Advisors LLC raised its holdings in shares of Onto Innovation by 43.0% during the fourth quarter. Parallel Advisors LLC now owns 366 shares of the semiconductor company’s stock worth $56,000 after acquiring an additional 110 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after acquiring an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Up 2.4 %

ONTO traded up $4.89 during midday trading on Friday, reaching $212.96. 338,301 shares of the company’s stock were exchanged, compared to its average volume of 543,651. The firm has a market capitalization of $10.49 billion, a price-to-earnings ratio of 75.79 and a beta of 1.39. Onto Innovation Inc. has a one year low of $108.98 and a one year high of $238.93. The business has a 50-day simple moving average of $207.90 and a two-hundred day simple moving average of $198.96.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. The firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The company’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.79 earnings per share. As a group, research analysts anticipate that Onto Innovation Inc. will post 5.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ONTO. Jefferies Financial Group began coverage on Onto Innovation in a report on Monday, May 13th. They set a “buy” rating and a $265.00 price objective for the company. Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. B. Riley increased their target price 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. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Stifel Nicolaus increased their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $259.00.

Insider Activity

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

Onto Innovation 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.