12,556 Shares in Onto Innovation Inc. (NYSE:ONTO) Purchased by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV acquired a new position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,556 shares of the semiconductor company's stock, valued at approximately $1,524,000.

Other institutional investors have also made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in shares of Onto Innovation during the fourth quarter worth $26,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Onto Innovation by 177.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 151 shares during the period. Johnson Financial Group Inc. acquired a new position in Onto Innovation in the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. acquired a new position in Onto Innovation in the fourth quarter valued at about $43,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in Onto Innovation in the fourth quarter valued at about $47,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ONTO shares. Oppenheimer decreased their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Wall Street Zen raised Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Cantor Fitzgerald reissued a "neutral" rating and issued a $135.00 target price (down from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the company a "hold" rating in a research note on Tuesday, May 20th. Finally, Benchmark decreased their target price on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation has an average rating of "Moderate Buy" and a consensus target price of $167.86.

Onto Innovation Trading Down 5.2%

Shares of ONTO stock traded down $5.22 on Friday, hitting $94.78. 1,370,088 shares of the stock were exchanged, compared to its average volume of 963,528. The firm has a market capitalization of $4.63 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. The business has a 50-day moving average of $108.12 and a 200 day moving average of $145.78. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted 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. 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 revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, research analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

About Onto Innovation

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.