Ameriprise Financial Inc. Cuts Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Ameriprise Financial Inc. decreased its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 75.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 183,337 shares of the semiconductor company's stock after selling 558,772 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.37% of Onto Innovation worth $30,557,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Oppenheimer lowered their price target on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Stifel Nicolaus lowered their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday. Benchmark lowered their price target on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Needham & Company LLC lowered their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Onto Innovation currently has a consensus rating of "Moderate Buy" and an average price target of $177.14.

Onto Innovation Stock Up 1.1%

Shares of NYSE:ONTO traded up $1.08 during trading on Monday, hitting $100.48. The stock had a trading volume of 1,359,441 shares, compared to its average volume of 901,550. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $238.93. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The stock has a 50-day simple moving average of $120.19 and a two-hundred day simple moving average of $155.23.

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

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.