Thornburg Investment Management Inc. Lowers Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Thornburg Investment Management Inc. cut its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 4.6% in the second quarter, HoldingsChannel reports. The fund owned 35,337 shares of the semiconductor company’s stock after selling 1,712 shares during the period. Thornburg Investment Management Inc.’s holdings in Onto Innovation were worth $7,759,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTO. ClariVest Asset Management LLC bought a new position in shares of Onto Innovation in the second quarter worth approximately $1,524,000. Quest Partners LLC lifted its stake in shares of Onto Innovation by 63,550.0% during the 2nd quarter. Quest Partners LLC now owns 3,819 shares of the semiconductor company’s stock valued at $838,000 after buying an additional 3,813 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in Onto Innovation in the 2nd quarter worth $289,000. Acadian Asset Management LLC purchased a new stake in Onto Innovation in the 2nd quarter worth $397,000. Finally, Los Angeles Capital Management LLC raised its holdings in Onto Innovation by 6,707.0% during the second quarter. Los Angeles Capital Management LLC now owns 116,332 shares of the semiconductor company’s stock valued at $25,542,000 after acquiring an additional 114,623 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. B. Riley upped their price objective on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Stifel Nicolaus upped their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Finally, Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $259.00.

Onto Innovation Price Performance

NYSE ONTO opened at $193.18 on Friday. Onto Innovation Inc. has a 1-year low of $108.98 and a 1-year high of $238.93. The business has a 50 day simple moving average of $200.86 and a two-hundred day simple moving average of $201.34. The stock has a market capitalization of $9.54 billion, a PE ratio of 68.75 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. The firm had revenue of $242.33 million during the quarter, compared to analyst estimates of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. Onto Innovation’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same period last year, the firm posted $0.79 earnings per share. On average, analysts anticipate that Onto Innovation Inc. will post 5.18 EPS for the current fiscal 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.