GAMMA Investing LLC Increases Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

GAMMA Investing LLC increased its stake in Onto Innovation Inc. (NYSE:ONTO) by 41.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 292 shares of the semiconductor company’s stock after acquiring an additional 85 shares during the quarter. GAMMA Investing LLC’s holdings in Onto Innovation were worth $53,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ONTO. Vanguard Group Inc. increased its stake in shares of Onto Innovation by 0.5% during the third quarter. Vanguard Group Inc. now owns 5,728,291 shares of the semiconductor company’s stock worth $730,472,000 after purchasing an additional 27,695 shares in the last quarter. Retirement Systems of Alabama acquired a new position in shares of Onto Innovation during the fourth quarter valued at approximately $9,399,000. Pacer Advisors Inc. lifted its position in shares of Onto Innovation by 2,306.3% in the fourth quarter. Pacer Advisors Inc. now owns 10,997 shares of the semiconductor company’s stock valued at $1,681,000 after acquiring an additional 10,540 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Onto Innovation by 854.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after acquiring an additional 265,042 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its position in shares of Onto Innovation by 36.8% during the fourth quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after purchasing an additional 79,530 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Onto Innovation stock opened at $213.47 on Tuesday. The firm has a 50 day simple moving average of $211.15 and a 200-day simple moving average of $183.03. The stock has a market cap of $10.52 billion, a price-to-earnings ratio of 75.97 and a beta of 1.43. Onto Innovation Inc. has a 1-year low of $103.93 and a 1-year high of $238.13.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.08. Onto Innovation had a return on equity of 11.48% and a net margin of 16.43%. The company had revenue of $228.80 million during the quarter, compared to analyst estimates of $222.60 million. During the same period in the prior year, the business posted $0.92 earnings per share. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Equities analysts expect that Onto Innovation Inc. will post 5.05 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In other Onto Innovation news, CFO Mark Slicer sold 519 shares of Onto Innovation stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the sale, the chief financial officer now directly owns 12,552 shares in the company, valued at $2,776,627.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total transaction of $317,112.40. Following the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Slicer sold 519 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the transaction, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on ONTO shares. Jefferies Financial Group initiated coverage on Onto Innovation in a report on Monday, May 13th. They issued a “buy” rating and a $265.00 price objective on the stock. Benchmark boosted their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Evercore ISI increased their price objective on shares of Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 10th. B. Riley boosted their target price on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Stifel Nicolaus upped their price target on Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, March 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus target price of $248.00.

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.