ClariVest Asset Management LLC Takes $1.52 Million Position in Onto Innovation Inc. (NYSE:ONTO)

ClariVest Asset Management LLC bought a new position in Onto Innovation Inc. (NYSE:ONTO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,943 shares of the semiconductor company’s stock, valued at approximately $1,524,000.

A number of other hedge funds have also made changes to their positions in ONTO. QRG Capital Management Inc. grew its stake in Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after buying an additional 50 shares during the last quarter. Shaker Investments LLC OH grew its position in Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after acquiring an additional 64 shares during the last quarter. Fifth Third Bancorp increased its holdings in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after purchasing an additional 84 shares in the last quarter. GAMMA Investing LLC raised its position in Onto Innovation by 41.1% in the 1st quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 85 shares during the last quarter. Finally, CWM LLC boosted its stake in Onto Innovation by 8.9% in the second quarter. CWM LLC now owns 1,106 shares of the semiconductor company’s stock worth $243,000 after purchasing an additional 90 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ONTO. B. Riley raised their target price on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $259.00.

Onto Innovation Stock Up 6.4 %

Shares of ONTO stock opened at $194.13 on Thursday. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of 69.09 and a beta of 1.37. Onto Innovation Inc. has a 12 month low of $108.98 and a 12 month high of $238.93. The stock has a 50-day moving average price of $201.55 and a 200 day moving average price of $201.40.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same quarter in the previous year, the company earned $0.79 EPS. Onto Innovation’s revenue was up 27.1% on a year-over-year basis. Sell-side analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’s 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 transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Profile

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.