Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its position in Onto Innovation Inc. (NYSE:ONTO) by 41.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 505,397 shares of the semiconductor company’s stock after selling 351,383 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.02% of Onto Innovation worth $104,900,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. purchased a new stake in Onto Innovation in the 3rd quarter valued at $396,000. Value Aligned Research Advisors LLC grew its stake in shares of Onto Innovation by 12.0% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 243,027 shares of the semiconductor company’s stock valued at $50,443,000 after purchasing an additional 26,013 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Onto Innovation by 9.6% in the third quarter. Advisors Asset Management Inc. now owns 6,391 shares of the semiconductor company’s stock valued at $1,327,000 after purchasing an additional 562 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Onto Innovation by 52.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,435 shares of the semiconductor company’s stock worth $298,000 after purchasing an additional 493 shares during the period. Finally, Braun Stacey Associates Inc. acquired a new stake in shares of Onto Innovation during the third quarter worth $22,949,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated 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 trade represents a 7.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of analyst reports. Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Needham & Company LLC cut their price objective 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. Benchmark reissued a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Finally, Jefferies Financial Group lowered their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Stock Down 0.1 %

Shares of ONTO stock opened at $166.29 on Friday. The stock has a market cap of $8.21 billion, a P/E ratio of 45.07, a P/E/G ratio of 1.07 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 fifty day simple moving average of $194.17 and a 200-day simple moving average of $204.80.

Onto Innovation (NYSE:ONTO) last posted its 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 firm had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same period last year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, sell-side analysts anticipate that Onto Innovation Inc. will post 5.19 earnings per share 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.