Morse Asset Management Inc Raises Holdings in Onto Innovation Inc. (NYSE:ONTO)

Morse Asset Management Inc grew its stake in Onto Innovation Inc. (NYSE:ONTO) by 6.9% during the third quarter, HoldingsChannel reports. The fund owned 16,824 shares of the semiconductor company’s stock after acquiring an additional 1,085 shares during the quarter. Morse Asset Management Inc’s holdings in Onto Innovation were worth $3,492,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Quarry LP grew its stake in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. LGT Financial Advisors LLC grew its position in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after acquiring an additional 84 shares in the last quarter. Finally, Eastern Bank purchased a new stake in Onto Innovation during the third quarter valued at approximately $65,000. 98.35% of the stock is owned by institutional investors.

Onto Innovation Price Performance

NYSE:ONTO opened at $172.59 on Wednesday. The company has a 50 day moving average price of $189.89 and a 200-day moving average price of $201.93. Onto Innovation Inc. has a 1-year low of $134.11 and a 1-year high of $238.93. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 46.77, a price-to-earnings-growth ratio of 1.09 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the prior year, the firm posted $0.96 earnings per share. The company’s revenue was up 21.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ONTO. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Needham & Company LLC lowered their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Jefferies Financial Group cut 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. Finally, Oppenheimer boosted their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.