Onto Innovation Inc. (NYSE:ONTO) is Congress Asset Management Co.’s 5th Largest Position

Congress Asset Management Co. increased its holdings in Onto Innovation Inc. (NYSE:ONTO) by 38.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,072,796 shares of the semiconductor company’s stock after purchasing an additional 295,869 shares during the quarter. Onto Innovation accounts for 1.5% of Congress Asset Management Co.’s investment portfolio, making the stock its 5th biggest position. Congress Asset Management Co. owned 2.18% of Onto Innovation worth $222,670,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ONTO. State of Michigan Retirement System raised its stake in shares of Onto Innovation by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company’s stock valued at $2,191,000 after acquiring an additional 300 shares during the last quarter. Norden Group LLC purchased a new stake in Onto Innovation in the first quarter worth about $654,000. Commonwealth Equity Services LLC increased its stake in shares of Onto Innovation by 22.1% during the first quarter. Commonwealth Equity Services LLC now owns 14,766 shares of the semiconductor company’s stock valued at $2,674,000 after purchasing an additional 2,669 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Onto Innovation by 0.3% during the first quarter. Retirement Systems of Alabama now owns 61,633 shares of the semiconductor company’s stock valued at $11,161,000 after purchasing an additional 163 shares in the last quarter. Finally, Peterson Wealth Services boosted its position in shares of Onto Innovation by 165.3% in the 1st quarter. Peterson Wealth Services now owns 3,900 shares of the semiconductor company’s stock worth $706,000 after purchasing an additional 2,430 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

Onto Innovation stock traded down $7.27 during midday trading on Thursday, hitting $200.14. 142,780 shares of the company’s stock were exchanged, compared to its average volume of 558,135. Onto Innovation Inc. has a 12 month low of $108.98 and a 12 month high of $238.93. The company has a market cap of $9.88 billion, a PE ratio of 61.95, a P/E/G ratio of 1.31 and a beta of 1.36. The firm has a 50-day moving average of $203.44 and a two-hundred day moving average of $206.67.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company’s revenue was up 27.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. As a group, equities analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ONTO. Oppenheimer upped 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 Tuesday, October 1st. Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $261.67.

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.