SG Capital Management LLC Purchases New Position in Onto Innovation Inc. (NYSE:ONTO)

SG Capital Management LLC purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,473 shares of the semiconductor company's stock, valued at approximately $3,912,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ONTO. Kestra Investment Management LLC bought a new stake in Onto Innovation in the 4th quarter valued at $26,000. Mather Group LLC. lifted its position in Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 111 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Onto Innovation in the 4th quarter valued at $38,000. SBI Securities Co. Ltd. bought a new stake in Onto Innovation in the 4th quarter valued at $43,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Onto Innovation in the 4th quarter valued at $47,000. 98.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ONTO has been the topic of several research reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Oppenheimer cut their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. StockNews.com raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC cut their price target on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Benchmark cut their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Onto Innovation presently has a consensus rating of "Moderate Buy" and an average price target of $177.14.

Onto Innovation Stock Up 1.1%

Shares of ONTO stock traded up $1.08 on Monday, reaching $100.48. The stock had a trading volume of 1,359,441 shares, compared to its average volume of 901,550. The firm's 50-day moving average is $120.86 and its two-hundred day moving average is $155.76. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 0.89 and a beta of 1.55. Onto Innovation Inc. has a 12 month low of $85.88 and a 12 month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.04. The company had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Onto Innovation's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 EPS. On average, sell-side analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Onto Innovation 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.