Bridgewater Associates LP Raises Holdings in Onto Innovation Inc. (NYSE:ONTO)

Bridgewater Associates LP raised its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 28.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,345 shares of the semiconductor company’s stock after acquiring an additional 9,495 shares during the period. Bridgewater Associates LP’s holdings in Onto Innovation were worth $8,997,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in shares of Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after acquiring an additional 337,250 shares during the period. Congress Asset Management Co. raised its position in Onto Innovation by 38.1% in 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 purchasing an additional 295,869 shares during the period. Citigroup Inc. boosted its position in shares of Onto Innovation by 811.7% in the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock worth $66,236,000 after buying an additional 284,115 shares during the period. Natixis Advisors LLC grew its stake in shares of Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after buying an additional 194,056 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after buying an additional 189,769 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Shares of ONTO stock opened at $161.04 on Friday. The firm has a market cap of $7.95 billion, a P/E ratio of 43.64, a P/E/G ratio of 1.03 and a beta of 1.37. The firm has a fifty day moving average of $191.73 and a two-hundred day moving average of $203.46. Onto Innovation Inc. has a 1-year low of $134.11 and a 1-year high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data 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 return on equity of 13.38% and a net margin of 19.44%. The firm had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same period in the previous year, the company earned $0.96 earnings per share. Onto Innovation’s quarterly revenue was up 21.7% on a year-over-year basis. On average, sell-side analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Oppenheimer boosted their price objective 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. Finally, Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by company 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.