Citigroup Inc. Purchases 284,115 Shares of Onto Innovation Inc. (NYSE:ONTO)

Citigroup Inc. increased its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 811.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 319,116 shares of the semiconductor company’s stock after acquiring an additional 284,115 shares during the quarter. Citigroup Inc. owned about 0.65% of Onto Innovation worth $66,236,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ONTO. Landscape Capital Management L.L.C. purchased a new stake in Onto Innovation in the third quarter valued at about $396,000. Value Aligned Research Advisors LLC raised its position in shares of Onto Innovation by 12.0% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 243,027 shares of the semiconductor company’s stock valued at $50,443,000 after purchasing an additional 26,013 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Onto Innovation by 9.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,391 shares of the semiconductor company’s stock worth $1,327,000 after purchasing an additional 562 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Onto Innovation by 52.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,435 shares of the semiconductor company’s stock worth $298,000 after purchasing an additional 493 shares in the last quarter. Finally, Braun Stacey Associates Inc. purchased a new stake in Onto Innovation during the 3rd quarter worth approximately $22,949,000. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ONTO shares. Oppenheimer boosted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group cut their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC cut their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’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 sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by corporate insiders.

Onto Innovation Trading Down 0.1 %

Shares of ONTO stock opened at $166.29 on Friday. Onto Innovation Inc. has a twelve month low of $134.11 and a twelve month high of $238.93. The stock has a market cap of $8.21 billion, a P/E ratio of 45.07, a P/E/G ratio of 1.07 and a beta of 1.37. The stock has a 50 day moving average of $194.17 and a 200 day moving average of $204.80.

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

About Onto Innovation

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.