Greenwood Capital Associates LLC Decreases Holdings in Onto Innovation Inc. $ONTO

Greenwood Capital Associates LLC trimmed its position in Onto Innovation Inc. (NYSE:ONTO) by 40.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,563 shares of the semiconductor company’s stock after selling 1,745 shares during the period. Greenwood Capital Associates LLC’s holdings in Onto Innovation were worth $526,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ONTO. Root Financial Partners LLC boosted its stake in Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares during the last quarter. Transamerica Financial Advisors LLC raised its position in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 115 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after buying an additional 128 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Onto Innovation in the fourth quarter worth about $39,000. Finally, Danske Bank A S acquired a new position in Onto Innovation during the third quarter worth about $39,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Stock Performance

ONTO opened at $317.10 on Friday. The stock has a market capitalization of $15.77 billion, a PE ratio of 148.18, a P/E/G ratio of 1.19 and a beta of 1.55. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The business’s 50 day moving average price is $293.99 and its 200 day moving average price is $241.42.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter last year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ONTO shares. Needham & Company LLC upped their price objective on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Morgan Stanley initiated coverage on Onto Innovation in a research report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price target for the company. B. Riley Financial lifted their price objective on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Finally, Zacks Research lowered Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $339.60.

About Onto Innovation

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.