Cubist Systematic Strategies LLC Has $4.77 Million Holdings in Onto Innovation Inc. (NYSE:ONTO)

Cubist Systematic Strategies LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 50.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,620 shares of the semiconductor company's stock after selling 29,676 shares during the period. Cubist Systematic Strategies LLC owned about 0.06% of Onto Innovation worth $4,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC acquired a new position in shares of Onto Innovation in the 4th quarter valued at about $26,000. Mather Group LLC. raised its stake in shares of 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 buying an additional 111 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Onto Innovation in the 4th quarter worth approximately $38,000. SBI Securities Co. Ltd. acquired a new stake in shares of Onto Innovation during the 4th quarter valued at $43,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Onto Innovation in the 4th quarter valued at $47,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of research analyst reports. Cantor Fitzgerald restated a "neutral" rating and issued a $135.00 target price (down previously from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Stifel Nicolaus reduced their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Oppenheimer cut their target price on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday. StockNews.com downgraded shares of Onto Innovation from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Needham & Company LLC cut 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $177.14.

Onto Innovation Stock Performance

Shares of NYSE:ONTO traded up $4.79 on Monday, hitting $93.29. The stock had a trading volume of 6,344,576 shares, compared to its average volume of 864,464. Onto Innovation Inc. has a twelve month low of $85.88 and a twelve month high of $238.93. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The firm's 50 day moving average price is $123.17 and its 200-day moving average price is $158.71.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly 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. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business had revenue of $267.00 million during the quarter, compared to analysts' expectations of $267.03 million. During the same period in the previous year, the business posted $1.18 earnings per share. The firm's revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, sell-side analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current 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.