Point72 Hong Kong Ltd Takes $2.73 Million Position in Onto Innovation Inc. (NYSE:ONTO)

Point72 Hong Kong Ltd bought a new position in shares of Onto Innovation Inc. (NYSE:ONTO) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,163 shares of the semiconductor company’s stock, valued at approximately $2,732,000.

Several other large investors also recently bought and sold shares of the stock. Encompass More Asset Management increased its stake in shares of Onto Innovation by 38.5% during the third quarter. Encompass More Asset Management now owns 1,404 shares of the semiconductor company’s stock worth $291,000 after buying an additional 390 shares during the period. Circle Wealth Management LLC lifted its stake in Onto Innovation by 104.8% in the third quarter. Circle Wealth Management LLC now owns 4,732 shares of the semiconductor company’s stock worth $982,000 after acquiring an additional 2,421 shares during the last quarter. PDT Partners LLC grew its holdings in Onto Innovation by 181.1% during the 3rd quarter. PDT Partners LLC now owns 5,502 shares of the semiconductor company’s stock worth $1,142,000 after acquiring an additional 3,545 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Onto Innovation by 171.8% in the 3rd quarter. Fred Alger Management LLC now owns 13,600 shares of the semiconductor company’s stock valued at $2,823,000 after purchasing an additional 8,597 shares during the last quarter. Finally, Eventide Asset Management LLC acquired a new stake in shares of Onto Innovation in the 3rd quarter valued at $1,064,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

ONTO has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC dropped their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. 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. Finally, Oppenheimer increased their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Up 1.9 %

Shares of NYSE ONTO opened at $164.18 on Monday. The business has a 50-day moving average price of $191.02 and a 200 day moving average price of $202.67. The stock has a market cap of $8.11 billion, a PE ratio of 44.49, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted 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. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 earnings per share. Sell-side analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. This represents a 7.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.