Congress Asset Management Co. Sells 448,660 Shares of Onto Innovation Inc. $ONTO

Key Points

• Congress Asset Management Co. drastically reduced its stake in Onto Innovation Inc. by 99.1%, selling 448,660 shares and now holding only 4,233 shares valued at $427,000.
• Onto Innovation's recent earnings report revealed a Q2 EPS of $1.25, missing expectations, though revenue was up 4.7% year-over-year, totaling $253.60 million.
• The stock has seen target price adjustments from several analysts, with some lowering their targets while others maintained buy ratings, resulting in a consensus target price of $146.43.

Congress Asset Management Co. reduced its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 99.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,233 shares of the semiconductor company's stock after selling 448,660 shares during the period. Congress Asset Management Co.'s holdings in Onto Innovation were worth $427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Jennison Associates LLC grew its position in shares of Onto Innovation by 2.9% during the 1st quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company's stock valued at $381,000 after acquiring an additional 90 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of Onto Innovation by 2.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 3,860 shares of the semiconductor company's stock valued at $468,000 after acquiring an additional 98 shares during the period. Peterson Wealth Services grew its position in shares of Onto Innovation by 2.2% during the 1st quarter. Peterson Wealth Services now owns 4,585 shares of the semiconductor company's stock valued at $556,000 after acquiring an additional 98 shares during the period. Berbice Capital Management LLC grew its position in shares of Onto Innovation by 33.3% during the 1st quarter. Berbice Capital Management LLC now owns 400 shares of the semiconductor company's stock valued at $49,000 after acquiring an additional 100 shares during the period. Finally, State of Michigan Retirement System grew its position in shares of Onto Innovation by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 11,800 shares of the semiconductor company's stock valued at $1,432,000 after acquiring an additional 100 shares during the period. 98.35% of the stock is owned by institutional investors.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $127.81 on Friday. The firm has a fifty day moving average price of $107.73 and a two-hundred day moving average price of $109.00. Onto Innovation Inc. has a one year low of $85.88 and a one year high of $228.42. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 31.63, a PEG ratio of 0.86 and a beta of 1.58.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.02). Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. The firm had revenue of $253.60 million during the quarter, compared to the consensus estimate of $250.56 million. During the same period in the previous year, the business earned $1.32 earnings per share. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. Onto Innovation has set its Q3 2025 guidance at 0.750-0.950 EPS. Equities research analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Analysts Set New Price Targets

ONTO has been the subject of a number of research reports. Cantor Fitzgerald reduced their target price on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, June 24th. B. Riley reduced their target price on shares of Onto Innovation from $160.00 to $145.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Benchmark reduced their target price on shares of Onto Innovation from $190.00 to $160.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, Jefferies Financial Group raised shares of Onto Innovation from a "hold" rating to a "buy" rating and raised their price objective for the stock from $100.00 to $170.00 in a report on Tuesday, September 23rd. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and a consensus target price of $146.43.

Onto Innovation 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.

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