Pitcairn Co. Sells 699 Shares of Onto Innovation Inc. (NYSE:ONTO)

Pitcairn Co. cut its holdings in Onto Innovation Inc. (NYSE:ONTO) by 20.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,759 shares of the semiconductor company’s stock after selling 699 shares during the quarter. Pitcairn Co.’s holdings in Onto Innovation were worth $573,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. QRG Capital Management Inc. grew its stake in shares of Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after purchasing an additional 50 shares during the period. Magnetar Financial LLC grew its position in shares of Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after buying an additional 63 shares during the period. Shaker Investments LLC OH increased its stake in shares of Onto Innovation by 1.7% in the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock valued at $862,000 after acquiring an additional 64 shares during the last quarter. Quarry LP raised its position in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares during the period. Finally, Hunter Perkins Capital Management LLC boosted its stake in Onto Innovation by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by insiders.

Analysts Set New Price Targets

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

Onto Innovation Price Performance

ONTO stock opened at $165.19 on Tuesday. The stock has a market capitalization of $8.16 billion, a P/E ratio of 44.77, a P/E/G ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The business has a 50-day moving average of $193.69 and a 200-day moving average of $204.49.

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, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 EPS. Equities analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current 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.