14,031 Shares in Onto Innovation Inc. $ONTO Acquired by Entropy Technologies LP

Key Points

• Entropy Technologies LP acquired 14,031 shares of Onto Innovation during the first quarter, valued at approximately $2.88 million. Institutional investors collectively own 98.35% of the company.
• Onto Innovation reported quarterly earnings of $1.42 per share, beating estimates by $0.04, while revenue reached $291.95 million, up 9.5% year over year.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $339.60, compared with the stock’s reported price of $271.83.

Entropy Technologies LP bought a new stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 14,031 shares of the semiconductor company's stock, valued at approximately $2,877,000.

Several other hedge funds have also bought and sold shares of the stock. CWM LLC lifted its holdings in shares of Onto Innovation by 361.2% during the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock worth $3,168,000 after acquiring an additional 15,717 shares during the last quarter. M&T Bank Corp grew its position in Onto Innovation by 11,228.9% in the fourth quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company's stock worth $53,848,000 after acquiring an additional 338,101 shares in the last quarter. Fideuram Asset Management Ireland dac bought a new position in Onto Innovation in the fourth quarter valued at $1,583,000. Allspring Global Investments Holdings LLC increased its stake in Onto Innovation by 148.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company's stock valued at $45,052,000 after acquiring an additional 162,433 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in Onto Innovation by 27.9% in the fourth quarter. Retirement Systems of Alabama now owns 75,808 shares of the semiconductor company's stock valued at $11,967,000 after acquiring an additional 16,559 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Price Performance

ONTO opened at $271.83 on Monday. The stock's 50 day simple moving average is $296.34 and its 200 day simple moving average is $251.71. Onto Innovation Inc. has a 1 year low of $89.40 and a 1 year high of $386.46. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of 127.02, a PEG ratio of 1.11 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm 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 was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.51 earnings per share. As a group, sell-side analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current year.

Analyst Upgrades and Downgrades

ONTO has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research note on Friday, June 5th. They set a "buy" rating and a $350.00 price target for the company. Oppenheimer increased their price objective on Onto Innovation from $370.00 to $450.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Weiss Ratings raised Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, April 27th. Wall Street Zen upgraded Onto Innovation from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Zacks Research upgraded Onto Innovation from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Onto Innovation currently has a consensus rating of "Buy" and an average price target of $339.60.

Onto Innovation Profile

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.

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