Congress Wealth Management LLC DE Reduces Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Congress Wealth Management LLC DE decreased its position in Onto Innovation Inc. (NYSE:ONTO) by 1.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,413 shares of the semiconductor company’s stock after selling 971 shares during the quarter. Congress Wealth Management LLC DE owned approximately 0.12% of Onto Innovation worth $10,577,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ONTO. International Assets Investment Management LLC lifted its position in shares of Onto Innovation by 14,819.4% in the 4th quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock worth $94,121,000 after purchasing an additional 611,449 shares during the period. Norges Bank purchased a new stake in Onto Innovation in the fourth quarter worth about $89,785,000. Price T Rowe Associates Inc. MD boosted its position in Onto Innovation by 64.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after acquiring an additional 371,641 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Onto Innovation by 854.8% during the 4th 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 period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Onto Innovation by 48.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 404,599 shares of the semiconductor company’s stock worth $61,863,000 after acquiring an additional 132,661 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Evercore ISI upped their price target on Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. Stifel Nicolaus increased their price target on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, March 25th. Needham & Company LLC reissued a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. B. Riley upped their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Benchmark lifted their target price on shares of Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $248.00.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $218.79 on Tuesday. The company has a market cap of $10.78 billion, a PE ratio of 77.86 and a beta of 1.39. The firm’s 50 day moving average price is $214.25 and its 200-day moving average price is $185.10. Onto Innovation Inc. has a 52-week low of $103.93 and a 52-week high of $238.13.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, May 9th. The semiconductor company reported $1.18 EPS for the quarter, beating 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 business had revenue of $228.80 million for the quarter, compared to the consensus estimate of $222.60 million. During the same period last year, the business posted $0.92 EPS. The company’s revenue was up 14.9% compared to the same quarter last year. On average, analysts forecast that Onto Innovation Inc. will post 5.05 earnings per share for the current fiscal year.

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.