SummitTX Capital L.P. cut its stake in shares of Onto Innovation Inc. (NYSE:ONTO – Free Report) by 74.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,846 shares of the semiconductor company’s stock after selling 71,787 shares during the quarter. SummitTX Capital L.P.’s holdings in Onto Innovation were worth $5,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the stock. CWM LLC raised its position in Onto Innovation by 361.2% during the fourth quarter. CWM LLC now owns 20,068 shares of the semiconductor company’s stock valued at $3,168,000 after purchasing an additional 15,717 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Onto Innovation in the 1st quarter worth about $2,877,000. M&T Bank Corp increased its position in shares of Onto Innovation by 11,228.9% during the 4th quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company’s stock valued at $53,848,000 after purchasing an additional 338,101 shares during the last quarter. Fideuram Asset Management Ireland dac bought a new position in shares of Onto Innovation during the 4th quarter valued at about $1,583,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Onto Innovation by 148.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company’s stock valued at $45,052,000 after buying an additional 162,433 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on ONTO shares. Zacks Research upgraded shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Cantor Fitzgerald boosted their price objective on shares of Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Oppenheimer upped their price objective on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Onto Innovation in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Onto Innovation has an average rating of “Buy” and a consensus price target of $339.60.
Onto Innovation Price Performance
Shares of Onto Innovation stock opened at $261.74 on Tuesday. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The business’s 50 day simple moving average is $296.50 and its two-hundred day simple moving average is $252.23. The stock has a market capitalization of $13.02 billion, a P/E ratio of 122.31, a price-to-earnings-growth ratio of 1.11 and a beta of 1.55.
Onto Innovation (NYSE:ONTO – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. During the same quarter in the prior year, the firm posted $1.51 earnings per share. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. Sell-side analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.
Onto Innovation Company Profile
Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.
Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.
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