Stifel Financial Corp Decreases Stake in Onto Innovation Inc. (NYSE:ONTO)

Stifel Financial Corp lessened its stake in Onto Innovation Inc. (NYSE:ONTO) by 27.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,846 shares of the semiconductor company’s stock after selling 6,317 shares during the quarter. Stifel Financial Corp’s holdings in Onto Innovation were worth $3,497,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Congress Asset Management Co. boosted its position in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after purchasing an additional 295,869 shares in the last quarter. Geneva Capital Management LLC boosted its position in shares of Onto Innovation by 2.6% in the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock worth $195,032,000 after buying an additional 23,628 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after acquiring an additional 189,769 shares during the last quarter. FMR LLC increased its holdings in Onto Innovation by 20.5% during the 3rd quarter. FMR LLC now owns 825,682 shares of the semiconductor company’s stock valued at $171,379,000 after acquiring an additional 140,659 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its position in Onto Innovation by 2.0% during the second quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock worth $117,633,000 after acquiring an additional 10,328 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ONTO. Oppenheimer increased their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Needham & Company LLC lowered their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Finally, Jefferies Financial Group decreased their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Price Performance

ONTO opened at $170.55 on Tuesday. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 46.22, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30. Onto Innovation Inc. has a 12 month low of $134.11 and a 12 month high of $238.93. The business has a 50-day moving average of $182.41 and a two-hundred day moving average of $198.04.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million during 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%. Onto Innovation’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 earnings per share. Equities research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current 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.