Castleark Management LLC Has $5.95 Million Position in Onto Innovation Inc. $ONTO

Key Points

• Castleark Management reduced its Onto Innovation stake by 32.4% in the first quarter, selling 13,940 shares and retaining 29,030 shares valued at approximately $5.95 million.
• Other institutional investors, including M&T Bank and Allspring Global Investments, increased their positions, while institutional ownership reached 98.35% of the company’s stock.
• Onto Innovation exceeded first-quarter EPS expectations with $1.42 per share versus $1.38 forecast, while revenue rose 9.5% year over year. Analysts maintain a consensus “Buy” rating with a $339.60 price target.

Castleark Management LLC lowered its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 32.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,030 shares of the semiconductor company's stock after selling 13,940 shares during the quarter. Castleark Management LLC owned about 0.06% of Onto Innovation worth $5,953,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ONTO. CWM LLC grew its stake in Onto Innovation by 361.2% in the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock valued at $3,168,000 after buying an additional 15,717 shares during the last quarter. Entropy Technologies LP bought a new position in Onto Innovation in the 1st quarter worth $2,877,000. M&T Bank Corp lifted its position in Onto Innovation by 11,228.9% during the 4th 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 during the last quarter. Fideuram Asset Management Ireland dac acquired a new position in Onto Innovation during the 4th quarter worth $1,583,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Onto Innovation by 148.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company's stock worth $45,052,000 after acquiring an additional 162,433 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Onto Innovation Price Performance

NYSE:ONTO opened at $261.74 on Tuesday. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The company has a fifty day moving average price of $296.50 and a 200 day moving average price of $252.23. The stock has a market cap of $13.02 billion, a P/E ratio of 122.31, a PEG ratio of 1.11 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) 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 company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same period last year, the business posted $1.51 EPS. The business's quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ONTO shares. Zacks Research raised Onto Innovation from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Wall Street Zen upgraded Onto Innovation from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Morgan Stanley started coverage on Onto Innovation in a research report on Sunday, June 14th. They set an "overweight" rating and a $371.00 price objective for the company. Needham & Company LLC increased their target price on Onto Innovation from $320.00 to $330.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Cantor Fitzgerald raised their target price on Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Two 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 company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $339.60.

About Onto Innovation

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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