Granite Investment Partners LLC Reduces Stock Holdings in Onto Innovation Inc. $ONTO

Granite Investment Partners LLC lowered its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 68,437 shares of the semiconductor company’s stock after selling 3,802 shares during the quarter. Onto Innovation accounts for 0.9% of Granite Investment Partners LLC’s holdings, making the stock its 28th biggest holding. Granite Investment Partners LLC owned approximately 0.14% of Onto Innovation worth $14,034,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of ONTO. Parallel Advisors LLC boosted its position in shares of Onto Innovation by 20.6% during the fourth quarter. Parallel Advisors LLC now owns 339 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 58 shares during the period. Root Financial Partners LLC raised its holdings in shares of Onto Innovation by 71.2% in the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Onto Innovation by 8.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after buying an additional 92 shares during the period. Praxis Investment Management Inc. lifted its stake in shares of Onto Innovation by 6.9% during the 1st quarter. Praxis Investment Management Inc. now owns 1,667 shares of the semiconductor company’s stock worth $342,000 after acquiring an additional 107 shares during the last quarter. Finally, Transamerica Financial Advisors LLC lifted its stake in shares of Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Trading Up 4.0%

Shares of ONTO stock opened at $291.23 on Thursday. Onto Innovation Inc. has a twelve month low of $89.40 and a twelve month high of $386.46. The stock has a fifty day simple moving average of $293.30 and a two-hundred day simple moving average of $240.28. The stock has a market capitalization of $14.49 billion, a price-to-earnings ratio of 136.09, a P/E/G ratio of 1.14 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 earnings per share. Research analysts predict that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. B. Riley Financial boosted their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research note on Wednesday, June 17th. Cantor Fitzgerald lifted their price objective on shares of Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Onto Innovation in a research report on Friday, June 5th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Morgan Stanley initiated coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $339.60.

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.