New York Life Investment Management LLC Trims Stake in Onto Innovation Inc. (NYSE:ONTO)

New York Life Investment Management LLC reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 7.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,207 shares of the semiconductor company’s stock after selling 422 shares during the period. New York Life Investment Management LLC’s holdings in Onto Innovation were worth $868,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC purchased a new stake in shares of Onto Innovation in the 4th quarter valued at about $26,000. Mather Group LLC. raised its stake in Onto Innovation by 209.4% during the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 111 shares during the last quarter. Versant Capital Management Inc raised its stake in Onto Innovation by 532.4% during the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 197 shares during the last quarter. Berbice Capital Management LLC purchased a new stake in Onto Innovation during the 4th quarter valued at approximately $50,000. Finally, UMB Bank n.a. raised its stake in Onto Innovation by 22.8% during the 4th quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock valued at $66,000 after acquiring an additional 74 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on ONTO shares. Oppenheimer reduced their price objective 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 reaffirmed an “overweight” rating and set a $250.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. Stifel Nicolaus reduced their price objective on Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $246.88.

Onto Innovation Trading Down 6.6 %

NYSE ONTO opened at $136.10 on Tuesday. The business’s 50 day moving average is $184.27 and its two-hundred day moving average is $187.75. Onto Innovation Inc. has a 12-month low of $133.19 and a 12-month high of $238.93. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 0.89 and a beta of 1.31.

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

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 legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael P. Plisinski sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the sale, the chief executive officer now owns 150,492 shares in the company, valued at approximately $32,986,341.48. This represents a 18.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock worth $18,182,185 in the last quarter. Company 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.