Summit Investment Advisors Inc. Sells 239 Shares of Onto Innovation Inc. (NYSE:ONTO)

Summit Investment Advisors Inc. reduced its holdings in Onto Innovation Inc. (NYSE:ONTO) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,893 shares of the semiconductor company’s stock after selling 239 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Onto Innovation were worth $1,649,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Kestra Investment Management LLC purchased a new stake in Onto Innovation in the fourth quarter worth $26,000. Mather Group LLC. raised its holdings in Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 111 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Onto Innovation in the 4th quarter worth about $43,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Onto Innovation during the 4th quarter valued at about $47,000. 98.35% of the stock is currently owned by institutional investors.

Insider Transactions at Onto Innovation

In other news, CEO Michael P. Plisinski sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the sale, the chief executive officer now owns 150,492 shares of the company’s stock, valued at $32,986,341.48. This trade represents a 18.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.72% of the company’s stock.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $120.32 on Wednesday. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 0.89 and a beta of 1.46. Onto Innovation Inc. has a 1 year low of $98.21 and a 1 year high of $238.93. The firm’s 50-day moving average is $139.97 and its 200 day moving average is $170.98.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. On average, equities analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ONTO has been the subject of several research analyst reports. Stifel Nicolaus lowered their price objective on shares of Onto Innovation from $200.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday. Oppenheimer lowered their target price on Onto Innovation from $240.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, April 11th. Benchmark reaffirmed a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Finally, Jefferies Financial Group dropped their target price on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, March 28th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation has an average rating of “Moderate Buy” and an average target price of $218.13.

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.