Connor Clark & Lunn Investment Management Ltd. Buys New Stake in Onto Innovation Inc. $ONTO

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Onto Innovation Inc. (NYSE:ONTO) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 19,789 shares of the semiconductor company’s stock, valued at approximately $1,997,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in shares of Onto Innovation by 3.6% in the first quarter. Envestnet Asset Management Inc. now owns 83,037 shares of the semiconductor company’s stock valued at $10,076,000 after buying an additional 2,910 shares in the last quarter. Larson Financial Group LLC lifted its position in Onto Innovation by 3,700.0% during the 1st quarter. Larson Financial Group LLC now owns 266 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 259 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Onto Innovation by 14.6% in the 1st quarter. Victory Capital Management Inc. now owns 120,830 shares of the semiconductor company’s stock worth $14,662,000 after acquiring an additional 15,437 shares during the period. Jennison Associates LLC increased its stake in Onto Innovation by 2.9% during the 1st quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company’s stock worth $381,000 after buying an additional 90 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in Onto Innovation by 79.4% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 244 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 108 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ONTO. Benchmark dropped their target price on Onto Innovation from $190.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Evercore ISI lifted their price objective on Onto Innovation from $115.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, November 4th. B. Riley increased their target price on Onto Innovation from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, October 10th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, October 13th. Finally, Oppenheimer upped their price target on shares of Onto Innovation from $130.00 to $180.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and an average target price of $150.00.

Onto Innovation Price Performance

Onto Innovation stock opened at $128.02 on Monday. The company has a market cap of $6.27 billion, a PE ratio of 31.69, a P/E/G ratio of 0.94 and a beta of 1.64. The company has a fifty day moving average price of $129.60 and a two-hundred day moving average price of $111.34. Onto Innovation Inc. has a 12 month low of $85.88 and a 12 month high of $228.42.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, November 6th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. The company had revenue of $218.19 million for the quarter, compared to the consensus estimate of $220.23 million. During the same period last year, the firm posted $1.34 EPS. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. Onto Innovation has set its Q4 2025 guidance at 1.180-1.330 EPS. Equities research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

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.