Gotham Asset Management LLC Cuts Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Gotham Asset Management LLC trimmed its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 39.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,896 shares of the semiconductor company’s stock after selling 10,239 shares during the period. Gotham Asset Management LLC’s holdings in Onto Innovation were worth $2,649,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ONTO. Norges Bank purchased a new stake in Onto Innovation during the fourth quarter valued at about $87,987,000. Artisan Partners Limited Partnership raised its stake in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock valued at $252,530,000 after acquiring an additional 444,860 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Onto Innovation by 72.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company’s stock valued at $145,045,000 after acquiring an additional 364,853 shares during the last quarter. Invesco Ltd. raised its stake in shares of Onto Innovation by 33.9% during the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company’s stock valued at $234,344,000 after acquiring an additional 356,161 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company’s stock valued at $258,883,000 after acquiring an additional 271,470 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $98.13 on Friday. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $238.93. The company has a 50 day simple moving average of $121.37 and a two-hundred day simple moving average of $157.20. The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of 24.17, a P/E/G ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.04. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The business had revenue of $267.00 million during the quarter, compared to the consensus estimate of $267.03 million. During the same quarter last year, the firm earned $1.18 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ONTO has been the subject of several recent analyst reports. StockNews.com downgraded shares of Onto Innovation from a “hold” rating to a “sell” rating in a research note on Friday, May 9th. Jefferies Financial Group lowered their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, March 28th. Needham & Company LLC decreased their price target on shares of Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Benchmark decreased their price target on shares of Onto Innovation from $230.00 to $190.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Stifel Nicolaus decreased their price target on shares of Onto Innovation from $200.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.14.

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.