Alberta Investment Management Corp Decreases Stake in Onto Innovation Inc. (NYSE:ONTO)

Alberta Investment Management Corp lessened its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 37.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,619 shares of the semiconductor company’s stock after selling 7,560 shares during the period. Alberta Investment Management Corp’s holdings in Onto Innovation were worth $2,103,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Kestra Investment Management LLC acquired a new position in shares of Onto Innovation during the 4th quarter valued at about $26,000. Mather Group LLC. raised its stake in Onto Innovation by 209.4% during the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 111 shares during the period. Versant Capital Management Inc boosted its holdings in Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 197 shares during the last quarter. Berbice Capital Management LLC purchased a new stake in shares of Onto Innovation in the 4th quarter valued at approximately $50,000. Finally, Eastern Bank purchased a new stake in shares of Onto Innovation in the 3rd quarter valued at approximately $65,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analysts Set New Price Targets

ONTO has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their target price on Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Needham & Company LLC reiterated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Finally, StockNews.com downgraded shares of Onto Innovation from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $246.88.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $159.23 on Friday. The firm’s 50-day moving average is $187.06 and its two-hundred day moving average is $189.46. Onto Innovation Inc. has a 1 year low of $145.15 and a 1 year high of $238.93. The firm has a market capitalization of $7.86 billion, a PE ratio of 39.22, a price-to-earnings-growth ratio of 0.90 and a beta of 1.31.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Analysts expect that Onto Innovation Inc. will post 6.32 EPS for the current fiscal year.

Insider Activity

In other Onto Innovation news, CEO Michael P. Plisinski sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $211.24, for a total value of $6,337,200.00. Following the sale, the chief executive officer now directly owns 185,492 shares of the company’s stock, valued at approximately $39,183,330.08. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the sale, the senior vice president now directly owns 15,223 shares of the company’s stock, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 85,827 shares of company stock worth $18,182,185. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.