Deerfield Management Company L.P. Series C Invests $535,000 in Onto Innovation Inc. (NYSE:ONTO)

Deerfield Management Company L.P. Series C purchased a new stake in Onto Innovation Inc. (NYSE:ONTO) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,435 shares of the semiconductor company’s stock, valued at approximately $535,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. QRG Capital Management Inc. grew its position 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 period. Magnetar Financial LLC boosted its stake in shares of Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after acquiring an additional 63 shares in the last quarter. Shaker Investments LLC OH grew its holdings in shares of Onto Innovation by 1.7% in 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 period. Fifth Third Bancorp increased its stake in Onto Innovation by 40.2% in 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. Finally, GAMMA Investing LLC raised its holdings in Onto Innovation by 41.1% during the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 85 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $215.37 on Friday. The company has a 50-day simple moving average of $195.49 and a 200-day simple moving average of $202.20. The company has a market cap of $10.61 billion, a PE ratio of 76.64 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.

Onto Innovation (NYSE:ONTO) last released its 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 firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same period in the previous year, the company earned $0.79 EPS. Onto Innovation’s revenue for the quarter was up 27.1% on a year-over-year basis. On average, analysts anticipate that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction dated 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 directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ONTO. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. B. Riley increased their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Stifel Nicolaus raised their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. Oppenheimer began coverage on shares of Onto Innovation in a report on Wednesday. They issued an “outperform” rating and a $260.00 price target on the stock. Finally, Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $259.17.

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.