California State Teachers Retirement System Raises Holdings in Onto Innovation Inc. $ONTO

Key Points

• California State Teachers Retirement System increased its Onto Innovation stake by 22.1% to 56,775 shares valued at approximately $11.6 million. Institutional investors collectively own 98.35% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $339.60; recent targets range from $330 to $371.
• Onto Innovation exceeded quarterly earnings expectations with $1.42 in adjusted EPS versus $1.38 expected, while revenue rose 9.5% year over year to $291.95 million. Shares opened at $269.49, with a market capitalization of $13.41 billion.

California State Teachers Retirement System lifted its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 22.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 56,775 shares of the semiconductor company's stock after acquiring an additional 10,271 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Onto Innovation worth $11,643,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC boosted its position in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 74 shares during the period. Transamerica Financial Advisors LLC increased its stake in shares of Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 115 shares in the last quarter. Millstone Evans Group LLC raised its position in shares of Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock valued at $34,000 after purchasing an additional 99 shares during the period. CIBC Private Wealth Group LLC raised its position in shares of Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 128 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Onto Innovation during the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Onto Innovation in a report on Friday, June 5th. They issued a "buy" rating and a $350.00 price objective for the company. Weiss Ratings restated a "hold (c)" rating on shares of Onto Innovation in a research report on Friday, July 24th. Needham & Company LLC raised their price target on Onto Innovation from $320.00 to $330.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Wall Street Zen lowered Onto Innovation from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Morgan Stanley initiated coverage on Onto Innovation in a research report on Sunday, June 14th. They issued an "overweight" rating and a $371.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $339.60.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $269.49 on Tuesday. The firm has a fifty day moving average price of $295.32 and a two-hundred day moving average price of $254.31. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The company has a market cap of $13.41 billion, a price-to-earnings ratio of 125.93, a PEG ratio of 1.06 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. During the same quarter in the prior year, the firm posted $1.51 earnings per share. The business's quarterly revenue was up 9.5% on a year-over-year basis. Equities research analysts expect that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Onto Innovation Company 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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