Pictet Asset Management Holding SA Sells 204,564 Shares of Onto Innovation Inc. $ONTO

Pictet Asset Management Holding SA cut its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 28.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 511,652 shares of the semiconductor company’s stock after selling 204,564 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Onto Innovation were worth $157,458,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Allworth Financial LP boosted its stake in Onto Innovation by 3.9% in the 2nd quarter. Allworth Financial LP now owns 987 shares of the semiconductor company’s stock worth $374,000 after buying an additional 37 shares during the last quarter. Everhart Financial Group Inc. grew its holdings in Onto Innovation by 6.6% in the 3rd quarter. Everhart Financial Group Inc. now owns 722 shares of the semiconductor company’s stock valued at $222,000 after buying an additional 45 shares during the period. Parallel Advisors LLC grew its holdings in Onto Innovation by 16.5% in the 1st quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock valued at $81,000 after buying an additional 56 shares during the period. Kestra Advisory Services LLC increased its stake in shares of Onto Innovation by 4.9% during the 1st quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock valued at $281,000 after acquiring an additional 64 shares during the last quarter. Finally, Highland Investment Advisors LLC acquired a new position in shares of Onto Innovation during the 2nd quarter valued at about $25,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Sunday, August 9th. Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. B. Riley Financial restated a “buy” rating on shares of Onto Innovation in a report on Friday, August 7th. The Goldman Sachs Group initiated coverage on shares of Onto Innovation in a report on Monday, August 17th. They issued a “buy” rating and a $400.00 target price for the company. Finally, Evercore reaffirmed an “outperform” rating and set a $390.00 price target on shares of Onto Innovation in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $380.00.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $173.69 on Monday. The business’s fifty day moving average price is $253.65 and its 200 day moving average price is $259.30. Onto Innovation Inc. has a twelve month low of $118.97 and a twelve month high of $386.46. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $8.52 billion, a P/E ratio of 65.30, a PEG ratio of 0.57 and a beta of 1.66.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.69 by $0.24. The company had revenue of $343.13 million during the quarter, compared to analyst estimates of $325.29 million. Onto Innovation had a return on equity of 13.44% and a net margin of 11.84%. The firm’s revenue was up 35.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. As a group, research analysts anticipate that Onto Innovation Inc. will post 8.04 earnings per share for the current year.

Insider Transactions at Onto Innovation

In other news, Director David Miller sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the director owned 10,692 shares in the company, valued at approximately $3,207,600. The trade was a 15.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $302.30, for a total value of $302,300.00. Following the sale, the director owned 2,684 shares of the company’s stock, valued at $811,373.20. The trade was a 27.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.51% of the company’s stock.

Onto Innovation Profile

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects.

The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.

Onto Innovation was formed in 2019 through the merger of Nanometrics and Rudolph Technologies.