Riverwater Partners LLC Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Riverwater Partners LLC bought a new position in Onto Innovation Inc. (NYSE:ONTO) during the third quarter, Holdings Channel.com reports. The firm bought 6,522 shares of the semiconductor company’s stock, valued at approximately $1,367,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quarry LP boosted its position in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in Onto Innovation during the first quarter valued at about $28,000. LGT Financial Advisors LLC increased its holdings in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $201.28 on Thursday. The stock has a fifty day moving average of $204.03 and a 200-day moving average of $206.02. The stock has a market cap of $9.92 billion, a PE ratio of 71.63, a price-to-earnings-growth ratio of 1.36 and a beta of 1.36. Onto Innovation Inc. has a fifty-two week low of $108.98 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The business had revenue of $242.33 million during the quarter, compared to analyst estimates of $235.43 million. During the same quarter in the previous year, the firm earned $0.79 EPS. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. On average, sell-side analysts predict that Onto Innovation Inc. will post 5.18 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ONTO. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus boosted their target price on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Oppenheimer lifted their price objective on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $261.67.

Insider Buying and Selling at Onto Innovation

In other 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 transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

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.