Beaconlight Capital LLC Invests $808,000 in Onto Innovation Inc. $ONTO

Beaconlight Capital LLC purchased a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,941 shares of the semiconductor company’s stock, valued at approximately $808,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. NewEdge Advisors LLC raised its position 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. boosted its stake in shares of Onto Innovation by 76.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock valued at $58,517,000 after purchasing an additional 208,907 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Onto Innovation by 8.8% during the 1st 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 buying an additional 13,175 shares during the period. Cetera Investment Advisers raised its stake 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 last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Onto Innovation by 182.4% in the second quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock valued at $666,000 after buying an additional 4,283 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Stock Down 6.7%

Shares of NYSE ONTO opened at $271.83 on Friday. The company has a market capitalization of $13.52 billion, a PE ratio of 127.02, a P/E/G ratio of 1.19 and a beta of 1.55. Onto Innovation Inc. has a twelve month low of $89.40 and a twelve month high of $386.46. The firm has a fifty day simple moving average of $296.34 and a 200 day simple moving average of $251.19.

Onto Innovation (NYSE:ONTO) last announced its earnings results 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. 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 for the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter in the previous year, the firm earned $1.51 earnings per share. Onto Innovation’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Needham & Company LLC upped their target price on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “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.