Clough Capital Partners L P Takes $1.81 Million Position in Onto Innovation Inc. $ONTO

Key Points

• Clough Capital Partners purchased 8,831 shares of Onto Innovation worth approximately $1.81 million, while institutional investors collectively own 98.35% of the company.
• Analyst sentiment remains positive: Onto has a consensus “Buy” rating and an average price target of $339.60, with recent targets ranging as high as $450.
• Onto reported quarterly earnings of $1.42 per share, beating estimates of $1.38, while revenue rose 9.5% year over year to $291.95 million. The stock opened at $271.83 and has traded between $89.40 and $386.46 over the past year.

Clough Capital Partners L P purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,831 shares of the semiconductor company's stock, valued at approximately $1,811,000.

Other hedge funds have also made changes to their positions in the company. Root Financial Partners LLC raised its holdings in Onto Innovation by 71.2% in the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC increased its holdings in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock valued at $28,000 after buying an additional 115 shares during the last quarter. Millstone Evans Group LLC increased its holdings in 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 buying an additional 99 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock valued at $39,000 after buying an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Onto Innovation during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ONTO. Morgan Stanley began coverage on Onto Innovation in a report on Sunday, June 14th. They issued an "overweight" rating and a $371.00 price target for the company. Zacks Research raised shares of Onto Innovation from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. B. Riley Financial raised their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Oppenheimer upped their target price on Onto Innovation from $370.00 to $450.00 and gave the company an "outperform" rating in a report on Monday, June 22nd. Finally, Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $339.60.

Onto Innovation Trading Down 0.3%

NYSE ONTO opened at $271.83 on Monday. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The stock has a market cap of $13.52 billion, a price-to-earnings ratio of 127.02, a price-to-earnings-growth ratio of 1.11 and a beta of 1.55. The company has a 50-day moving average price of $296.34 and a two-hundred day moving average price of $251.71.

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, beating analysts' consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 earnings per share. As a group, equities research analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

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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