Zweig DiMenna Associates LLC Sells 13,232 Shares of Onto Innovation Inc. (NYSE:ONTO)

Zweig DiMenna Associates LLC lessened its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 32.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,218 shares of the semiconductor company’s stock after selling 13,232 shares during the period. Zweig DiMenna Associates LLC’s holdings in Onto Innovation were worth $5,649,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vaughan Nelson Investment Management L.P. raised its stake in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after purchasing an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after acquiring an additional 2,753 shares in the last quarter. Nordea Investment Management AB lifted its stake in Onto Innovation by 17.8% in the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after acquiring an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in shares of Onto Innovation by 45.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after acquiring an additional 33,025 shares during the period. Finally, Norden Group LLC acquired a new position in shares of Onto Innovation during the 1st quarter worth about $654,000. Institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

ONTO has been the subject of several recent analyst reports. Oppenheimer raised their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, August 9th. Finally, Stifel Nicolaus increased their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. 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 company currently has an average rating of “Moderate Buy” and an average target price of $261.67.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.

Onto Innovation Stock Performance

NYSE:ONTO opened at $202.89 on Friday. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 60.56, a P/E/G ratio of 1.32 and a beta of 1.36. Onto Innovation Inc. has a 52 week low of $108.98 and a 52 week high of $238.93. The firm’s 50-day simple moving average is $204.03 and its 200 day simple moving average is $206.02.

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

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.