Eventide Asset Management LLC Invests $1.06 Million in Onto Innovation Inc. (NYSE:ONTO)

Eventide Asset Management LLC acquired a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) in the third quarter, Holdings Channel reports. The fund acquired 5,125 shares of the semiconductor company’s stock, valued at approximately $1,064,000.

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

Wall Street Analysts Forecast Growth

ONTO has been the topic of several analyst reports. Needham & Company LLC lowered their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Oppenheimer raised their price target on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Stock Performance

ONTO opened at $164.18 on Friday. The company has a market capitalization of $8.11 billion, a PE ratio of 44.49, a P/E/G ratio of 1.03 and a beta of 1.37. The stock’s fifty day moving average is $191.02 and its 200-day moving average is $203.06. Onto Innovation Inc. has a one year low of $134.11 and a one year high of $238.93.

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

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the 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 completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 7.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

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.