Onto Innovation Inc. $ONTO Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 22.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 144,555 shares of the semiconductor company’s stock after selling 42,254 shares during the quarter. Principal Financial Group Inc.’s holdings in Onto Innovation were worth $29,644,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Eagle Rock Investment Company LLC lifted its stake in Onto Innovation by 99.3% in the 4th quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company’s stock worth $1,584,000 after purchasing an additional 5,000 shares in the last quarter. CWM LLC grew its position in shares of Onto Innovation by 361.2% in 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. M&T Bank Corp grew its position in shares of Onto Innovation by 11,228.9% in the fourth 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 in the last quarter. Fideuram Asset Management Ireland dac acquired a new stake in shares of Onto Innovation in the fourth quarter valued at approximately $1,583,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Onto Innovation by 148.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company’s stock valued at $45,052,000 after purchasing an additional 162,433 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONTO. Morgan Stanley began coverage on Onto Innovation in a research note on Sunday, June 14th. They set an “overweight” rating and a $371.00 price objective on the stock. Evercore reaffirmed an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research note on Friday, April 17th. B. Riley Financial lifted their price target on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. 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 company’s stock. According to MarketBeat.com, Onto Innovation presently has a consensus rating of “Buy” and a consensus price target of $339.60.

Onto Innovation Stock Performance

ONTO opened at $279.05 on Monday. The stock has a market capitalization of $13.88 billion, a PE ratio of 130.40, a P/E/G ratio of 1.14 and a beta of 1.55. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The business’s 50 day moving average price is $295.47 and its 200 day moving average price is $247.37.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter last year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts forecast 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.