First Trust Advisors LP Reduces Stake in Onto Innovation Inc. (NYSE:ONTO)

First Trust Advisors LP reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 53.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,796 shares of the semiconductor company’s stock after selling 61,776 shares during the period. First Trust Advisors LP’s holdings in Onto Innovation were worth $8,966,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its stake in Onto Innovation by 1.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company’s stock valued at $2,680,000 after purchasing an additional 225 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Onto Innovation by 12.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock valued at $416,863,000 after purchasing an additional 228,800 shares in the last quarter. Barclays PLC increased its stake in Onto Innovation by 1,296.7% in the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock valued at $45,079,000 after purchasing an additional 201,640 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in Onto Innovation by 40.2% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 140,455 shares of the semiconductor company’s stock worth $23,410,000 after buying an additional 40,290 shares in the last quarter. Finally, Argent Capital Management LLC purchased a new position in Onto Innovation during the fourth quarter worth $437,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

ONTO opened at $124.56 on Tuesday. The firm has a 50 day moving average price of $129.56 and a 200 day moving average price of $165.04. The company has a market cap of $6.08 billion, a PE ratio of 30.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. Onto Innovation Inc. has a 1 year low of $98.21 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. On average, sell-side analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on ONTO. Needham & Company LLC reissued a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Oppenheimer dropped their price target on Onto Innovation from $240.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Benchmark restated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Jefferies Financial Group decreased their price objective on Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $250.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $218.13.

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.