Advisor Resource Council Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Advisor Resource Council acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,361 shares of the semiconductor company's stock, valued at approximately $391,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Shelton Wealth Management LLC bought a new position in Onto Innovation during the first quarter worth $504,000. State of Alaska Department of Revenue grew its holdings in Onto Innovation by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 5,785 shares of the semiconductor company's stock worth $701,000 after acquiring an additional 150 shares during the period. Rakuten Securities Inc. raised its position in shares of Onto Innovation by 1,588.0% in the 1st quarter. Rakuten Securities Inc. now owns 844 shares of the semiconductor company's stock worth $102,000 after acquiring an additional 794 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Onto Innovation by 6.1% in the 1st quarter. QRG Capital Management Inc. now owns 2,041 shares of the semiconductor company's stock valued at $248,000 after purchasing an additional 118 shares during the period. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in shares of Onto Innovation in the 1st quarter valued at about $31,175,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Shares of NYSE:ONTO traded up $3.18 during trading on Thursday, reaching $100.22. 1,631,654 shares of the stock were exchanged, compared to its average volume of 986,466. Onto Innovation Inc. has a 1-year low of $85.88 and a 1-year high of $238.93. The stock has a fifty day moving average of $104.30 and a two-hundred day moving average of $142.02. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 0.63 and a beta of 1.45.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.04. Onto Innovation had a net margin of 21.36% and a return on equity of 14.85%. The firm had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same quarter in the prior year, the company posted $1.18 earnings per share. The business's revenue was up 16.5% on a year-over-year basis. Sell-side analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ONTO shares. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the stock a "hold" rating in a research note on Tuesday, May 20th. Benchmark reduced their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Stifel Nicolaus lowered their price objective on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC dropped their target price 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, Wall Street Zen raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $141.67.

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.