abrdn plc Sells 100,393 Shares of Onto Innovation Inc. (NYSE:ONTO)

abrdn plc cut its stake in Onto Innovation Inc. (NYSE:ONTO) by 95.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,784 shares of the semiconductor company’s stock after selling 100,393 shares during the period. abrdn plc’s holdings in Onto Innovation were worth $993,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Onto Innovation by 1.3% during the first quarter. Vanguard Group Inc. now owns 5,254,287 shares of the semiconductor company’s stock worth $951,446,000 after buying an additional 65,472 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Onto Innovation by 28.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after purchasing an additional 189,769 shares during the period. Hood River Capital Management LLC raised its stake in shares of Onto Innovation by 6.9% in the first quarter. Hood River Capital Management LLC now owns 672,230 shares of the semiconductor company’s stock valued at $121,727,000 after purchasing an additional 43,132 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Onto Innovation by 2.0% in the second quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock worth $117,633,000 after purchasing an additional 10,328 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Onto Innovation by 5.4% during the second quarter. Bank of New York Mellon Corp now owns 522,629 shares of the semiconductor company’s stock worth $114,748,000 after buying an additional 26,563 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Down 1.8 %

Onto Innovation stock opened at $172.95 on Tuesday. Onto Innovation Inc. has a 12-month low of $117.44 and a 12-month high of $238.93. The stock has a 50-day simple moving average of $201.79 and a 200 day simple moving average of $206.82. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 46.87, a P/E/G ratio of 1.28 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.61%. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the prior year, the firm earned $0.96 earnings per share. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of analyst reports. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Oppenheimer lifted their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Needham & Company LLC dropped their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday. Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday. Finally, Jefferies Financial Group lowered their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average price target 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.