Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. has reduced its holdings in Onto Innovation Inc. by 30%, selling 100,463 shares to hold 234,401 shares, valued at approximately $28.4 million at the end of the last quarter.
• Onto Innovation's stock price recently rose by 1.8%, with a current market capitalization of $5.13 billion and a reported earnings per share (EPS) of $1.25, missing estimates by $0.02.
• Analysts have lowered price targets for Onto Innovation, with Benchmark reducing theirs from $190 to $160, while Needham & Company cut theirs from $230 to $150, reflecting a shift towards a more cautious outlook.

Citigroup Inc. trimmed its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 30.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 234,401 shares of the semiconductor company's stock after selling 100,463 shares during the quarter. Citigroup Inc. owned about 0.48% of Onto Innovation worth $28,442,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. CenterBook Partners LP grew its holdings in Onto Innovation by 83.5% in the first quarter. CenterBook Partners LP now owns 7,016 shares of the semiconductor company's stock valued at $851,000 after purchasing an additional 3,192 shares during the period. Deutsche Bank AG grew its stake in Onto Innovation by 26.4% during the first quarter. Deutsche Bank AG now owns 124,142 shares of the semiconductor company's stock worth $15,063,000 after buying an additional 25,953 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Onto Innovation by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 349,925 shares of the semiconductor company's stock worth $42,460,000 after buying an additional 8,539 shares during the period. Geneva Capital Management LLC grew its stake in Onto Innovation by 0.5% during the first quarter. Geneva Capital Management LLC now owns 1,015,323 shares of the semiconductor company's stock worth $123,199,000 after buying an additional 4,632 shares during the period. Finally, Nicolet Advisory Services LLC grew its stake in Onto Innovation by 14.2% during the first quarter. Nicolet Advisory Services LLC now owns 2,879 shares of the semiconductor company's stock worth $340,000 after buying an additional 359 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Oppenheimer decreased 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. Needham & Company LLC decreased their price objective on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Benchmark decreased their price objective on shares of Onto Innovation from $190.00 to $160.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Wall Street Zen upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the stock a "hold" rating in a research note on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

Onto Innovation Stock Down 2.8%

Shares of NYSE ONTO traded down $3.06 during trading on Friday, reaching $106.97. 1,648,066 shares of the stock were exchanged, compared to its average volume of 1,518,031. The business's 50-day moving average price is $99.68 and its 200 day moving average price is $120.46. Onto Innovation Inc. has a twelve month low of $85.88 and a twelve month high of $228.42. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 26.48, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.02). The company had revenue of $253.60 million during the quarter, compared to analyst estimates of $250.56 million. Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. The company's revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.32 earnings per share. As a group, sell-side analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

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.