664,755 Shares in Onto Innovation Inc. $ONTO Bought by Norges Bank

Norges Bank bought a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 664,755 shares of the semiconductor company’s stock, valued at approximately $104,938,000.

Other hedge funds also recently added to or reduced their stakes in the company. Westside Investment Management Inc. increased its position in Onto Innovation by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 99 shares in the last quarter. Danske Bank A S acquired a new position in Onto Innovation during the 3rd quarter valued at about $39,000. Covestor Ltd increased its position in Onto Innovation by 224.5% during the 4th quarter. Covestor Ltd now owns 305 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 211 shares in the last quarter. Torren Management LLC acquired a new position in Onto Innovation during the 4th quarter valued at about $49,000. Finally, EverSource Wealth Advisors LLC increased its position in Onto Innovation by 206.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 577 shares of the semiconductor company’s stock valued at $58,000 after buying an additional 389 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on ONTO. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a research report on Wednesday, May 6th. Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Evercore reaffirmed an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. Finally, Cantor Fitzgerald increased their price objective on Onto Innovation from $275.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Onto Innovation presently has an average rating of “Buy” and an average price target of $315.00.

Onto Innovation Stock Performance

Shares of ONTO stock opened at $252.75 on Friday. The stock’s 50-day simple moving average is $262.06 and its 200-day simple moving average is $212.14. The firm has a market capitalization of $12.57 billion, a PE ratio of 118.11, a P/E/G ratio of 1.30 and a beta of 1.62. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $316.00.

Onto Innovation (NYSE:ONTO) last announced 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. The business had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.51 earnings per share. Sell-side analysts forecast that Onto Innovation Inc. will post 7.05 earnings per share 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.