Bessemer Group Inc. Trims Position in Onto Innovation Inc. (NYSE:ONTO)

Bessemer Group Inc. decreased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 36.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,279 shares of the semiconductor company's stock after selling 46,467 shares during the period. Bessemer Group Inc. owned approximately 0.17% of Onto Innovation worth $9,985,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ONTO. Norges Bank purchased a new stake in shares of Onto Innovation in the fourth quarter valued at approximately $87,987,000. Artisan Partners Limited Partnership lifted its holdings in Onto Innovation by 41.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after acquiring an additional 444,860 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Onto Innovation by 72.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company's stock worth $145,045,000 after purchasing an additional 364,853 shares in the last quarter. Invesco Ltd. boosted its position in shares of Onto Innovation by 33.9% during the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after purchasing an additional 356,161 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Onto Innovation by 21.2% during the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after purchasing an additional 271,470 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ONTO. Oppenheimer reduced their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Jefferies Financial Group set a $110.00 price target on shares of Onto Innovation and gave the company a "hold" rating in a research report on Tuesday, May 20th. Needham & Company LLC lowered their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Benchmark dropped their price objective 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. Finally, Wall Street Zen upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.67.

Onto Innovation Stock Down 1.6%

Shares of Onto Innovation stock traded down $1.58 during trading on Friday, hitting $98.66. 1,636,334 shares of the company were exchanged, compared to its average volume of 989,055. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $238.93. The firm has a 50 day moving average price of $104.01 and a 200 day moving average price of $141.55. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 0.63 and a beta of 1.45.

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 for the quarter, topping the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The company had revenue of $267.00 million during the quarter, compared to the consensus estimate of $267.03 million. During the same quarter last year, the business posted $1.18 earnings per share. Onto Innovation's revenue was up 16.5% compared to the same quarter last year. Analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current 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.