Granahan Investment Management LLC Buys 2,052 Shares of Onto Innovation Inc. $ONTO

Granahan Investment Management LLC raised its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,694 shares of the semiconductor company’s stock after purchasing an additional 2,052 shares during the period. Onto Innovation accounts for about 2.0% of Granahan Investment Management LLC’s portfolio, making the stock its 11th biggest position. Granahan Investment Management LLC owned about 0.40% of Onto Innovation worth $40,746,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Onto Innovation by 1,217.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after purchasing an additional 1,292,772 shares during the last quarter. Norges Bank bought a new stake in Onto Innovation in the fourth quarter worth $104,938,000. Jennison Associates LLC lifted its position in Onto Innovation by 1,293.5% in the fourth quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock worth $107,475,000 after buying an additional 631,965 shares during the last quarter. AQR Capital Management LLC boosted its stake in Onto Innovation by 315.8% during the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after buying an additional 467,587 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in Onto Innovation by 88.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock worth $151,689,000 after buying an additional 451,084 shares during the period. 98.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ONTO. Oppenheimer increased their target price on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Jefferies Financial Group reiterated a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a report on Wednesday, May 6th. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Finally, Morgan Stanley started coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $339.60.

Onto Innovation Stock Down 6.7%

Shares of Onto Innovation stock opened at $271.83 on Friday. The stock’s fifty day moving average is $296.34 and its two-hundred day moving average is $251.19. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The company has a market capitalization of $13.52 billion, a PE ratio of 127.02, a price-to-earnings-growth ratio of 1.19 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. As a group, research analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.