Principal Financial Group Inc. Acquires 34,567 Shares of Onto Innovation Inc. $ONTO

Principal Financial Group Inc. lifted its holdings in Onto Innovation Inc. (NYSE:ONTO) by 31.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 145,532 shares of the semiconductor company’s stock after purchasing an additional 34,567 shares during the period. Principal Financial Group Inc.’s holdings in Onto Innovation were worth $18,806,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. raised its stake in Onto Innovation by 2,061.5% in the third quarter. Blue Trust Inc. now owns 281 shares of the semiconductor company’s stock worth $36,000 after buying an additional 268 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Onto Innovation in the 3rd quarter valued at $37,000. Farther Finance Advisors LLC increased its holdings in shares of Onto Innovation by 76.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 320 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 139 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Onto Innovation in the 3rd quarter worth $47,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Onto Innovation during the 3rd quarter worth $68,000. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Stock Up 10.6%

Shares of Onto Innovation stock opened at $208.81 on Monday. The company has a 50 day moving average price of $180.28 and a 200 day moving average price of $141.74. The firm has a market capitalization of $10.23 billion, a P/E ratio of 58.99, a PEG ratio of 1.15 and a beta of 1.49. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $227.07.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, November 6th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. Onto Innovation had a net margin of 17.46% and a return on equity of 13.11%. The business had revenue of $218.19 million for the quarter, compared to analyst estimates of $220.23 million. During the same quarter in the prior year, the business posted $1.34 EPS. Onto Innovation’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several analyst reports. Evercore lifted their target price on Onto Innovation from $115.00 to $160.00 and gave the company an “outperform” rating in a research note on Tuesday, November 4th. Oppenheimer lifted their price objective on shares of Onto Innovation from $130.00 to $180.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 14th. Cantor Fitzgerald reiterated a “neutral” rating and set a $170.00 price objective on shares of Onto Innovation in a research note on Tuesday, December 16th. B. Riley Financial raised their target price on shares of Onto Innovation from $180.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Finally, Needham & Company LLC lifted their price target on shares of Onto Innovation from $200.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.75.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.