Raymond James Financial Inc. Invests $43.89 Million in Onto Innovation Inc. (NYSE:ONTO)

Raymond James Financial Inc. acquired a new position in Onto Innovation Inc. (NYSE:ONTO) in the fourth quarter, Holdings Channel.com reports. The firm acquired 263,347 shares of the semiconductor company’s stock, valued at approximately $43,893,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System boosted its holdings in shares of Onto Innovation by 1.0% in the 4th quarter. Arizona State Retirement System now owns 14,332 shares of the semiconductor company’s stock worth $2,389,000 after purchasing an additional 143 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Onto Innovation in the 4th quarter valued at about $252,000. Assetmark Inc. lifted its stake in shares of Onto Innovation by 0.3% in the 4th quarter. Assetmark Inc. now owns 40,882 shares of the semiconductor company’s stock valued at $6,814,000 after acquiring an additional 109 shares during the last quarter. Cornerstone Investment Partners LLC lifted its stake in shares of Onto Innovation by 4.9% in the 4th quarter. Cornerstone Investment Partners LLC now owns 3,663 shares of the semiconductor company’s stock valued at $611,000 after acquiring an additional 172 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Onto Innovation by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 341,386 shares of the semiconductor company’s stock valued at $56,899,000 after acquiring an additional 4,164 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $124.58 on Wednesday. Onto Innovation Inc. has a 52-week low of $121.47 and a 52-week high of $238.93. The firm has a market capitalization of $6.14 billion, a P/E ratio of 30.68, a P/E/G ratio of 0.89 and a beta of 1.29. The stock has a 50 day moving average price of $179.62 and a 200-day moving average price of $184.37.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. On average, equities analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. StockNews.com raised Onto Innovation from a “sell” rating to a “hold” rating in a research note on Thursday, February 27th. Oppenheimer lowered their target price on Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $250.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Finally, Stifel Nicolaus lowered their price target on Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, February 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $246.88.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 827 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the sale, the senior vice president now owns 15,223 shares in the company, valued at $3,120,715. This represents a 5.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael P. Plisinski sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total value of $4,003,800.00. Following the completion of the sale, the chief executive officer now owns 215,492 shares in the company, valued at $43,139,343.48. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock worth $18,182,185 in the last 90 days. Insiders own 0.72% of the company’s stock.

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.