Emerald Mutual Fund Advisers Trust Trims Holdings in Onto Innovation Inc. $ONTO

Emerald Mutual Fund Advisers Trust reduced its stake in Onto Innovation Inc. (NYSE:ONTO) by 5.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 70,930 shares of the semiconductor company’s stock after selling 4,455 shares during the quarter. Emerald Mutual Fund Advisers Trust owned 0.14% of Onto Innovation worth $14,546,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. NewEdge Advisors LLC increased its holdings in Onto Innovation by 312.5% in the 1st quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock valued at $500,000 after purchasing an additional 3,122 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Onto Innovation by 76.4% during the first quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock worth $58,517,000 after purchasing an additional 208,907 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Onto Innovation by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock worth $19,810,000 after purchasing an additional 13,175 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Onto Innovation by 6.3% during the second quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock worth $405,000 after buying an additional 238 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Onto Innovation by 182.4% during the second quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock worth $666,000 after buying an additional 4,283 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 5.3%

Shares of ONTO stock opened at $304.44 on Tuesday. The firm has a 50 day moving average of $294.94 and a two-hundred day moving average of $243.57. The stock has a market capitalization of $15.14 billion, a PE ratio of 142.26, a P/E/G ratio of 1.31 and a beta of 1.55. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46.

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

Analyst Ratings Changes

Several research firms recently issued reports on ONTO. Needham & Company LLC boosted their price objective on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley started coverage on Onto Innovation in a research note on Sunday, June 14th. They set an “overweight” rating and a $371.00 target price on the stock. Zacks Research cut Onto Innovation from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, Oppenheimer boosted their price target on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.