Cetera Investment Advisers Decreases Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Cetera Investment Advisers lowered its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 46.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 5,263 shares of the semiconductor company's stock after selling 4,577 shares during the quarter. Cetera Investment Advisers' holdings in Onto Innovation were worth $877,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in Onto Innovation in the fourth quarter valued at $87,987,000. Artisan Partners Limited Partnership raised its stake in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after purchasing an additional 444,860 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Onto Innovation by 72.2% during the fourth 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 during the period. Invesco Ltd. increased its stake in Onto Innovation by 33.9% in the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after buying an additional 356,161 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Onto Innovation by 21.2% in the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock valued at $258,883,000 after acquiring an additional 271,470 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Up 1.8%

Shares of ONTO stock traded up $1.72 on Thursday, reaching $95.34. 147,053 shares of the stock were exchanged, compared to its average volume of 1,244,220. The stock has a market cap of $4.66 billion, a P/E ratio of 23.48, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The firm has a 50 day moving average of $114.26 and a two-hundred day moving average of $151.60. Onto Innovation Inc. has a 1-year low of $85.88 and a 1-year high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business had revenue of $267.00 million during the quarter, compared to analysts' expectations of $267.03 million. During the same quarter in the previous year, the business earned $1.18 EPS. The company's revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities research analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ONTO. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $135.00 price objective (down previously from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Oppenheimer cut their price objective on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Benchmark cut their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Needham & Company LLC lowered 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 upgraded Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and a consensus target price of $167.86.

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.