New York State Teachers Retirement System Lowers Position in Onto Innovation Inc. (NYSE:ONTO)

New York State Teachers Retirement System cut its holdings in Onto Innovation Inc. (NYSE:ONTO) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,591 shares of the semiconductor company’s stock after selling 2,300 shares during the period. New York State Teachers Retirement System’s holdings in Onto Innovation were worth $12,369,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quarry LP grew its holdings in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Onto Innovation in the first quarter valued at approximately $28,000. LGT Financial Advisors LLC grew its holdings in shares of Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 90 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Price Performance

Onto Innovation stock opened at $176.10 on Friday. Onto Innovation Inc. has a one year low of $115.07 and a one year high of $238.93. The business has a fifty day moving average price of $202.50 and a 200-day moving average price of $206.68. The firm has a market capitalization of $8.70 billion, a P/E ratio of 47.72, a PEG ratio of 1.28 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a return on equity of 13.61% and a net margin of 19.44%. The firm had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same period last year, the company earned $0.96 earnings per share. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. Sell-side analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Jefferies Financial Group reduced their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer increased their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday. Needham & Company LLC reduced their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday. Finally, Stifel Nicolaus increased their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $254.29.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.