Covestor Ltd Sells 1,188 Shares of Onto Innovation Inc. (NYSE:ONTO)

Covestor Ltd lowered its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 71.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 473 shares of the semiconductor company’s stock after selling 1,188 shares during the quarter. Covestor Ltd’s holdings in Onto Innovation were worth $98,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Quarry LP raised its holdings in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. LGT Financial Advisors LLC lifted its holdings in Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 90 shares during the period. Fifth Third Bancorp boosted its stake in Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares during the last quarter. Finally, Eastern Bank acquired a new stake in Onto Innovation during the 3rd quarter worth $65,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ONTO. Jefferies Financial Group reduced 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, November 1st. Oppenheimer boosted their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Needham & Company LLC decreased their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $254.29.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Stock Performance

NYSE ONTO opened at $174.84 on Wednesday. Onto Innovation Inc. has a 52-week low of $131.78 and a 52-week high of $238.93. The business has a 50 day simple moving average of $198.31 and a 200 day simple moving average of $206.85. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 47.38, a PEG ratio of 1.13 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the business posted $0.96 earnings per share. On average, analysts predict that Onto Innovation Inc. will post 5.19 EPS for the current year.

Onto Innovation Company 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.