Alta Park Capital LP Sells 3,495 Shares of Onto Innovation Inc. $ONTO

Alta Park Capital LP lowered its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 122,617 shares of the semiconductor company’s stock after selling 3,495 shares during the period. Onto Innovation comprises about 2.3% of Alta Park Capital LP’s holdings, making the stock its 19th largest holding. Alta Park Capital LP owned approximately 0.25% of Onto Innovation worth $19,356,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after buying an additional 1,292,772 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Onto Innovation by 80.3% in the third quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock worth $256,083,000 after buying an additional 882,901 shares during the period. Norges Bank purchased a new position in shares of Onto Innovation in the fourth quarter worth about $104,938,000. Jennison Associates LLC increased its holdings in shares of Onto Innovation by 1,293.5% in the fourth quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock worth $107,475,000 after buying an additional 631,965 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Onto Innovation by 315.8% in the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after buying an additional 467,587 shares during the period. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Up 1.0%

Shares of ONTO opened at $319.19 on Thursday. The business’s 50 day moving average price is $276.96 and its 200-day moving average price is $222.27. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $348.76. The stock has a market cap of $15.88 billion, a P/E ratio of 149.16, a P/E/G ratio of 1.29 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million for the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.51 EPS. On average, equities analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ONTO shares. Evercore restated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the company a “buy” rating in a report on Friday, April 17th. Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a report on Friday, June 5th. They set a “buy” rating and a $350.00 price target on the stock. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Finally, Needham & Company LLC boosted their price target on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $320.60.

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.