Synovus Financial Corp Sells 799 Shares of Onto Innovation Inc. (NYSE:ONTO)

Synovus Financial Corp lessened its holdings in Onto Innovation Inc. (NYSE:ONTO) by 19.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,308 shares of the semiconductor company’s stock after selling 799 shares during the quarter. Synovus Financial Corp’s holdings in Onto Innovation were worth $687,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. State Street Corp lifted its holdings in Onto Innovation by 2.8% in the third quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock valued at $305,107,000 after buying an additional 39,367 shares during the period. Congress Asset Management Co. grew its holdings in Onto Innovation by 38.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after acquiring an additional 295,869 shares during the period. Geneva Capital Management LLC raised its position in shares of Onto Innovation by 2.6% during the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after acquiring an additional 23,628 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after purchasing an additional 189,769 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Onto Innovation by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company’s stock worth $173,401,000 after purchasing an additional 13,405 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ONTO. 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 report on Friday, November 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $275.00 price target on shares of Onto Innovation in a research note on Tuesday. Needham & Company LLC reduced their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Stock Performance

Shares of ONTO opened at $172.23 on Wednesday. The stock has a 50 day simple moving average of $181.68 and a 200 day simple moving average of $197.73. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93. The firm has a market capitalization of $8.51 billion, a PE ratio of 46.67, a P/E/G ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last released its quarterly 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 company had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter in the prior year, the company earned $0.96 earnings per share. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. Equities research analysts predict that Onto Innovation Inc. will post 5.22 EPS 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.