Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 12.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 27,093 shares of the semiconductor company’s stock after selling 3,901 shares during the period. Penserra Capital Management LLC’s holdings in Onto Innovation were worth $5,623,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP increased its stake in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Onto Innovation by 675.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. LGT Financial Advisors LLC increased its position in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after purchasing an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new position in shares of Onto Innovation during the third quarter worth about $65,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $166.29 on Monday. The firm has a market capitalization of $8.21 billion, a PE ratio of 45.07, a P/E/G ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a 1-year low of $134.11 and a 1-year high of $238.93. The business’s fifty day moving average price is $194.17 and its two-hundred day moving average price is $204.79.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Equities research analysts expect that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on 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 owns 16,050 shares of the company’s stock, valued at $3,326,202. The trade was a 7.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

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.