Swedbank AB Grows Stake in Onto Innovation Inc. (NYSE:ONTO)

Swedbank AB grew its position in Onto Innovation Inc. (NYSE:ONTO) by 32.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,500 shares of the semiconductor company’s stock after buying an additional 20,100 shares during the quarter. Swedbank AB owned 0.17% of Onto Innovation worth $17,124,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ONTO. Congress Asset Management Co. increased its holdings in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after buying an additional 295,869 shares during the period. Geneva Capital Management LLC increased its holdings in shares of Onto Innovation by 2.6% in the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after acquiring an additional 23,628 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Onto Innovation by 2.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock worth $117,633,000 after purchasing an additional 10,328 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Onto Innovation by 5.4% during the second quarter. Bank of New York Mellon Corp now owns 522,629 shares of the semiconductor company’s stock valued at $114,748,000 after purchasing an additional 26,563 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ONTO. Oppenheimer boosted 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. Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Needham & Company LLC cut their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Trading Down 1.4 %

NYSE:ONTO opened at $162.90 on Wednesday. The company has a market capitalization of $8.05 billion, a P/E ratio of 44.15, a PEG ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a 12 month low of $134.11 and a 12 month high of $238.93. The firm has a fifty day simple moving average of $193.11 and a 200-day simple moving average of $204.06.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 EPS. Equities analysts forecast that Onto Innovation Inc. will post 5.22 EPS for the current year.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by insiders.

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.