Greenwood Capital Associates LLC Lowers Stake in Onto Innovation Inc. $ONTO

Greenwood Capital Associates LLC lessened its stake in Onto Innovation Inc. (NYSE:ONTO) by 40.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,563 shares of the semiconductor company’s stock after selling 1,745 shares during the period. Greenwood Capital Associates LLC’s holdings in Onto Innovation were worth $526,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Onto Innovation by 20.6% during the fourth quarter. Parallel Advisors LLC now owns 339 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 58 shares in the last quarter. Root Financial Partners LLC boosted its position in shares of Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after buying an additional 92 shares during the period. Praxis Investment Management Inc. grew its stake in shares of Onto Innovation by 6.9% in the first quarter. Praxis Investment Management Inc. now owns 1,667 shares of the semiconductor company’s stock valued at $342,000 after buying an additional 107 shares in the last quarter. Finally, Transamerica Financial Advisors LLC grew its stake in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ONTO. Cantor Fitzgerald increased their target price on Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Zacks Research downgraded Onto Innovation from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Evercore reiterated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a research note on Friday, April 17th. Morgan Stanley initiated coverage on shares of Onto Innovation in a research report on Sunday, June 14th. They set an “overweight” rating and a $371.00 price target on the stock. Finally, Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $339.60.

Onto Innovation Trading Up 8.8%

NYSE:ONTO opened at $317.10 on Friday. Onto Innovation Inc. has a 12-month low of $89.40 and a 12-month high of $386.46. The firm has a market cap of $15.77 billion, a PE ratio of 148.18, a price-to-earnings-growth ratio of 1.19 and a beta of 1.55. The stock has a fifty day moving average price of $293.99 and a 200 day moving average price of $241.42.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.Onto Innovation’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.51 EPS. Equities analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current year.

About Onto Innovation

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.