Onto Innovation Inc. (NYSE:ONTO) Stock Position Reduced by South Street Advisors LLC

South Street Advisors LLC lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,550 shares of the semiconductor company’s stock after selling 2,215 shares during the period. Onto Innovation comprises 2.8% of South Street Advisors LLC’s portfolio, making the stock its 15th largest position. South Street Advisors LLC’s holdings in Onto Innovation were worth $18,379,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Millennium Management LLC boosted its position in Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Congress Asset Management Co. boosted its position 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 valued at $222,670,000 after purchasing an additional 295,869 shares during the period. Natixis Advisors LLC boosted its position in Onto Innovation by 379.8% during the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after purchasing an additional 194,056 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Onto Innovation by 28.5% during 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, Assenagon Asset Management S.A. acquired a new position in Onto Innovation during the 3rd quarter valued at approximately $30,418,000. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Onto Innovation Price Performance

Shares of ONTO traded down $6.21 during midday trading on Friday, reaching $158.54. The stock had a trading volume of 942,003 shares, compared to its average volume of 585,864. Onto Innovation Inc. has a 52 week low of $131.78 and a 52 week high of $238.93. The firm’s 50 day moving average price is $196.76 and its 200-day moving average price is $205.94. The company has a market capitalization of $7.83 billion, a P/E ratio of 42.95, a P/E/G ratio of 1.06 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 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 company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, equities analysts forecast that Onto Innovation Inc. will post 5.19 earnings per share for the current year.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s 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 directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The trade was a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by insiders.

Onto Innovation Company Profile

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.