Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. reduced its stake in Onto Innovation Inc. (NYSE:ONTO) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,640 shares of the semiconductor company’s stock after selling 153 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Onto Innovation were worth $273,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ONTO. Millennium Management LLC grew its stake in shares of Onto Innovation by 304.9% in the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after buying an additional 337,250 shares in the last quarter. Congress Asset Management Co. grew its position in Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after acquiring an additional 295,869 shares in the last quarter. Citigroup Inc. raised its stake in shares of Onto Innovation by 811.7% during the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock valued at $66,236,000 after purchasing an additional 284,115 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Onto Innovation by 12.9% during the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after purchasing an additional 228,800 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock valued at $45,079,000 after purchasing an additional 201,640 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Up 6.9 %

Shares of Onto Innovation stock opened at $192.44 on Tuesday. The business has a 50-day moving average price of $171.80 and a 200 day moving average price of $193.18. Onto Innovation Inc. has a fifty-two week low of $136.32 and a fifty-two week high of $238.93. The firm has a market cap of $9.50 billion, a P/E ratio of 52.15, a P/E/G ratio of 1.07 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 13.38% and a net margin of 19.44%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Wall Street Analyst Weigh In

ONTO has been the topic of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $275.00 price target on shares of Onto Innovation in a research note on Tuesday, December 17th. Needham & Company LLC cut their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group lowered their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. 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.com, the stock has a consensus 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.