Price T Rowe Associates Inc. MD Sells 277,677 Shares of Onto Innovation Inc. (NYSE:ONTO)

Price T Rowe Associates Inc. MD lowered its stake in Onto Innovation Inc. (NYSE:ONTO) by 29.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 669,202 shares of the semiconductor company’s stock after selling 277,677 shares during the quarter. Price T Rowe Associates Inc. MD owned 1.36% of Onto Innovation worth $121,180,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ONTO. International Assets Investment Management LLC increased its stake in shares of Onto Innovation by 14,819.4% in the 4th quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock valued at $94,121,000 after acquiring an additional 611,449 shares in the last quarter. Norges Bank bought a new stake in shares of Onto Innovation in the 4th quarter valued at $89,785,000. Allspring Global Investments Holdings LLC increased its stake in shares of Onto Innovation by 854.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock valued at $45,266,000 after acquiring an additional 265,042 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Onto Innovation in the 1st quarter valued at $29,420,000. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Onto Innovation by 48.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 404,599 shares of the semiconductor company’s stock valued at $61,863,000 after acquiring an additional 132,661 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO traded up $1.43 during mid-day trading on Monday, reaching $190.23. 195,263 shares of the stock were exchanged, compared to its average volume of 519,707. The stock has a market capitalization of $9.37 billion, a PE ratio of 67.19 and a beta of 1.39. The company has a 50 day moving average price of $220.52 and a two-hundred day moving average price of $194.88. Onto Innovation Inc. has a 1 year low of $105.58 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.08. The firm had revenue of $228.80 million for the quarter, compared to the consensus estimate of $222.60 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. Sell-side analysts expect that Onto Innovation Inc. will post 5.05 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on ONTO shares. Benchmark boosted their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Stifel Nicolaus boosted their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Evercore ISI boosted their price target on shares of Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, May 10th. B. Riley boosted their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Jefferies Financial Group started coverage on shares of Onto Innovation in a research note on Monday, May 13th. They set a “buy” rating and a $265.00 price target for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $259.00.

Insider Buying and Selling

In related news, CFO Mark Slicer sold 519 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the transaction, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at approximately $2,776,627.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Mark Slicer sold 519 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the transaction, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at approximately $2,776,627.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Srinivas Vedula sold 1,486 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the sale, the senior vice president now owns 17,433 shares in the company, valued at $3,720,202.20. The disclosure for this sale can be found here. 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.