Onto Innovation Inc. (NYSE:ONTO) Holdings Lowered by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV cut its stake in Onto Innovation Inc. (NYSE:ONTO) by 31.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,733 shares of the semiconductor company’s stock after selling 2,186 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Onto Innovation were worth $857,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ONTO. State of Michigan Retirement System raised its holdings in shares of Onto Innovation by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company’s stock worth $2,191,000 after purchasing an additional 300 shares in the last quarter. Deepwater Asset Management LLC bought a new position in shares of Onto Innovation in the first quarter valued at $1,597,000. Allspring Global Investments Holdings LLC lifted its position in shares of Onto Innovation by 58.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock valued at $85,118,000 after acquiring an additional 174,010 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Onto Innovation during the 1st quarter worth $29,420,000. Finally, Rise Advisors LLC bought a new stake in shares of Onto Innovation during the 1st quarter worth $38,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Price Performance

Shares of NYSE ONTO traded up $2.44 during trading hours on Wednesday, reaching $226.39. The stock had a trading volume of 85,121 shares, compared to its average volume of 500,963. Onto Innovation Inc. has a twelve month low of $103.93 and a twelve month high of $238.13. The business’s fifty day moving average is $216.17 and its two-hundred day moving average is $186.05. The company has a market cap of $11.16 billion, a price-to-earnings ratio of 79.70 and a beta of 1.39.

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

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the transaction, the senior vice president now directly owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the sale, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at $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 Onto Innovation stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the completion of the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Onto Innovation in a report on Friday, May 10th. Jefferies Financial Group began coverage on shares of Onto Innovation in a research note on Monday, May 13th. They issued a “buy” rating and a $265.00 target price on the stock. Stifel Nicolaus upped their price target on shares of Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a report on Monday, March 25th. Benchmark boosted their price objective on Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, Evercore ISI upped their price target on Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $248.00.

Onto Innovation 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.