Deepwater Asset Management LLC Invests $1.60 Million in Onto Innovation Inc. (NYSE:ONTO)

Deepwater Asset Management LLC acquired a new position in shares of Onto Innovation Inc. (NYSE:ONTO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,819 shares of the semiconductor company’s stock, valued at approximately $1,597,000. Onto Innovation accounts for about 0.6% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Onto Innovation by 0.5% in the third quarter. Vanguard Group Inc. now owns 5,728,291 shares of the semiconductor company’s stock valued at $730,472,000 after acquiring an additional 27,695 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Onto Innovation by 64.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after buying an additional 371,641 shares in the last quarter. Wellington Management Group LLP boosted its position in Onto Innovation by 13.0% in the fourth quarter. Wellington Management Group LLP now owns 844,623 shares of the semiconductor company’s stock valued at $129,143,000 after buying an additional 96,925 shares in the last quarter. International Assets Investment Management LLC boosted its position in Onto Innovation by 14,819.4% in the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock valued at $94,121,000 after buying an additional 611,449 shares in the last quarter. Finally, Norges Bank acquired a new position in Onto Innovation in the fourth quarter valued at about $89,785,000. Institutional investors own 98.35% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on ONTO. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Benchmark boosted their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, May 10th. B. Riley upped their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Evercore ISI upped their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Finally, Jefferies Financial Group assumed coverage on shares of Onto Innovation in a research report on Monday, May 13th. They set a “buy” rating and a $265.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.00.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the sale, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the completion of the sale, the senior vice president now owns 17,433 shares of the company’s stock, valued at $3,720,202.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total transaction of $114,807.99. Following the sale, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at approximately $2,776,627.92. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Onto Innovation Stock Up 1.7 %

NYSE ONTO traded up $3.73 during trading hours on Tuesday, hitting $222.72. The company’s stock had a trading volume of 365,326 shares, compared to its average volume of 499,227. The stock has a fifty day moving average of $214.25 and a 200 day moving average of $185.10. Onto Innovation Inc. has a twelve month low of $103.93 and a twelve month high of $238.13. The firm has a market capitalization of $10.98 billion, a P/E ratio of 77.86 and a beta of 1.39.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.08. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business had revenue of $228.80 million for the quarter, compared to analyst estimates of $222.60 million. During the same period in the prior year, the business posted $0.92 earnings per share. Onto Innovation’s revenue was up 14.9% compared to the same quarter last year. On average, analysts predict that Onto Innovation Inc. will post 5.05 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.