ING Groep NV Acquires New Stake in Onto Innovation Inc. (NYSE:ONTO)

ING Groep NV purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 57,300 shares of the semiconductor company’s stock, valued at approximately $11,893,000.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Onto Innovation by 1.3% during the first quarter. Vanguard Group Inc. now owns 5,254,287 shares of the semiconductor company’s stock worth $951,446,000 after buying an additional 65,472 shares during the last quarter. Congress Asset Management Co. boosted its holdings in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after purchasing an additional 295,869 shares during the last quarter. Geneva Capital Management LLC grew its position in Onto Innovation by 2.6% in the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock worth $195,032,000 after acquiring an additional 23,628 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Onto Innovation by 28.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Finally, Hood River Capital Management LLC lifted its stake in shares of Onto Innovation by 6.9% in the 1st quarter. Hood River Capital Management LLC now owns 672,230 shares of the semiconductor company’s stock valued at $121,727,000 after purchasing an additional 43,132 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Onto Innovation Price Performance

NYSE:ONTO opened at $164.75 on Friday. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 44.65, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a 52 week low of $131.78 and a 52 week high of $238.93. The company has a fifty day simple moving average of $197.60 and a two-hundred day simple moving average of $206.45.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. Onto Innovation’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 EPS. On average, analysts expect that Onto Innovation Inc. will post 5.19 EPS for the current year.

Analyst Upgrades and Downgrades

ONTO has been the topic of several recent analyst reports. Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group dropped their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation 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.