Circle Wealth Management LLC Buys 2,421 Shares of Onto Innovation Inc. (NYSE:ONTO)

Circle Wealth Management LLC raised its stake in Onto Innovation Inc. (NYSE:ONTO) by 104.8% in the third quarter, Holdings Channel.com reports. The firm owned 4,732 shares of the semiconductor company’s stock after acquiring an additional 2,421 shares during the period. Circle Wealth Management LLC’s holdings in Onto Innovation were worth $982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of ONTO. Quarry LP grew its position in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares during the period. LGT Financial Advisors LLC increased its stake in 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 acquiring an additional 90 shares during the period. Fifth Third Bancorp lifted its stake in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares during the period. Finally, Eastern Bank acquired a new stake in Onto Innovation during the third quarter valued at approximately $65,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on ONTO shares. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group reduced their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Oppenheimer raised their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation currently has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $164.18 on Friday. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93. The stock has a market cap of $8.11 billion, a P/E ratio of 44.49, a P/E/G ratio of 1.03 and a beta of 1.37. The firm has a 50 day moving average price of $191.02 and a 200 day moving average price of $203.06.

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

Insider Buying and Selling

In related 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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by company insiders.

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.