Port Capital LLC Trims Holdings in Onto Innovation Inc. (NYSE:ONTO)

Port Capital LLC lessened its holdings in Onto Innovation Inc. (NYSE:ONTO) by 11.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 214,171 shares of the semiconductor company’s stock after selling 29,050 shares during the quarter. Onto Innovation comprises 2.0% of Port Capital LLC’s portfolio, making the stock its 22nd largest position. Port Capital LLC owned approximately 0.43% of Onto Innovation worth $44,453,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Morse Asset Management Inc increased its stake in Onto Innovation by 6.9% during the 3rd quarter. Morse Asset Management Inc now owns 16,824 shares of the semiconductor company’s stock valued at $3,492,000 after purchasing an additional 1,085 shares in the last quarter. HighTower Advisors LLC raised its position in Onto Innovation by 72.0% in the 3rd quarter. HighTower Advisors LLC now owns 10,184 shares of the semiconductor company’s stock worth $2,095,000 after buying an additional 4,263 shares during the last quarter. Hilltop Holdings Inc. purchased a new stake in shares of Onto Innovation during the 3rd quarter valued at about $253,000. Point72 Hong Kong Ltd bought a new stake in shares of Onto Innovation in the third quarter worth approximately $2,732,000. Finally, Encompass More Asset Management lifted its position in Onto Innovation by 38.5% during the third quarter. Encompass More Asset Management now owns 1,404 shares of the semiconductor company’s stock valued at $291,000 after purchasing an additional 390 shares during the period. Institutional investors own 98.35% of the company’s stock.

Analyst Ratings Changes

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

Onto Innovation Trading Up 1.0 %

NYSE:ONTO opened at $172.59 on Wednesday. The stock has a 50-day moving average price of $189.89 and a 200 day moving average price of $201.93. The stock has a market capitalization of $8.52 billion, a P/E ratio of 46.77, a P/E/G ratio of 1.09 and a beta of 1.30. Onto Innovation Inc. has a 12-month low of $134.11 and a 12-month high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 earnings per share. On average, research analysts predict that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Onto Innovation Company 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.