Centiva Capital LP Cuts Position in Onto Innovation Inc. (NYSE:ONTO)

Centiva Capital LP trimmed its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 77.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,348 shares of the semiconductor company’s stock after selling 4,724 shares during the quarter. Centiva Capital LP’s holdings in Onto Innovation were worth $280,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new stake in shares of Onto Innovation during the 3rd quarter valued at $2,732,000. Encompass More Asset Management raised its position in Onto Innovation by 38.5% in the third quarter. Encompass More Asset Management now owns 1,404 shares of the semiconductor company’s stock worth $291,000 after acquiring an additional 390 shares during the period. Circle Wealth Management LLC boosted its stake in Onto Innovation by 104.8% in the third quarter. Circle Wealth Management LLC now owns 4,732 shares of the semiconductor company’s stock valued at $982,000 after acquiring an additional 2,421 shares during the last quarter. PDT Partners LLC grew its position in shares of Onto Innovation by 181.1% during the 3rd quarter. PDT Partners LLC now owns 5,502 shares of the semiconductor company’s stock valued at $1,142,000 after acquiring an additional 3,545 shares during the period. Finally, Fred Alger Management LLC increased its stake in shares of Onto Innovation by 171.8% during the 3rd quarter. Fred Alger Management LLC now owns 13,600 shares of the semiconductor company’s stock worth $2,823,000 after purchasing an additional 8,597 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Oppenheimer upped their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Needham & Company LLC cut their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. Finally, Jefferies Financial Group dropped their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock 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.com, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Down 3.4 %

ONTO stock opened at $163.25 on Wednesday. The stock has a 50-day simple moving average of $186.36 and a two-hundred day simple moving average of $200.23. Onto Innovation Inc. has a twelve month low of $134.11 and a twelve month high of $238.93. The firm has a market capitalization of $8.06 billion, a PE ratio of 44.27, a PEG ratio of 1.08 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the prior year, the firm posted $0.96 EPS. Onto Innovation’s revenue was up 21.7% on a year-over-year basis. On average, equities research analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

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.