Onto Innovation Inc. (NYSE:ONTO) Shares Purchased by Congress Asset Management Co.

Congress Asset Management Co. lifted its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 38.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,072,796 shares of the semiconductor company’s stock after purchasing an additional 295,869 shares during the quarter. Onto Innovation comprises about 1.5% of Congress Asset Management Co.’s investment portfolio, making the stock its 5th largest position. Congress Asset Management Co.’s holdings in Onto Innovation were worth $222,670,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP lifted its stake in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares during the period. Fidelis Capital Partners LLC bought a new stake in shares of Onto Innovation in the 1st quarter worth approximately $28,000. LGT Financial Advisors LLC increased its stake in shares of Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 90 shares during the period. Finally, Fifth Third Bancorp raised its stake in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by insiders.

Onto Innovation Price Performance

Shares of Onto Innovation stock traded down $7.27 during midday trading on Thursday, reaching $200.14. The company had a trading volume of 142,780 shares, compared to its average volume of 558,135. Onto Innovation Inc. has a fifty-two week low of $108.98 and a fifty-two week high of $238.93. The stock has a fifty day moving average price of $203.44 and a 200 day moving average price of $206.67. The firm has a market cap of $9.88 billion, a PE ratio of 61.95, a P/E/G ratio of 1.31 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The business had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. During the same quarter in the prior year, the business earned $0.79 earnings per share. Onto Innovation’s revenue for the quarter was up 27.1% on a year-over-year basis. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 5.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ONTO. Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Oppenheimer lifted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus price target of $261.67.

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.