Edgestream Partners L.P. Increases Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Edgestream Partners L.P. increased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 87.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,604 shares of the semiconductor company's stock after purchasing an additional 22,626 shares during the quarter. Edgestream Partners L.P. owned 0.10% of Onto Innovation worth $5,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bridge City Capital LLC lifted its holdings in shares of Onto Innovation by 1.0% during the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company's stock valued at $1,361,000 after purchasing an additional 78 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in shares of Onto Innovation by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 3,860 shares of the semiconductor company's stock valued at $468,000 after purchasing an additional 98 shares in the last quarter. Northwest & Ethical Investments L.P. lifted its holdings in shares of Onto Innovation by 9.5% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 1,150 shares of the semiconductor company's stock valued at $191,000 after purchasing an additional 100 shares in the last quarter. Berbice Capital Management LLC lifted its holdings in shares of Onto Innovation by 33.3% during the first quarter. Berbice Capital Management LLC now owns 400 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 100 shares in the last quarter. Finally, State of Michigan Retirement System lifted its holdings in shares of Onto Innovation by 0.9% during the first quarter. State of Michigan Retirement System now owns 11,800 shares of the semiconductor company's stock valued at $1,432,000 after purchasing an additional 100 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Trading Down 1.7%

Shares of ONTO stock traded down $1.65 on Friday, reaching $97.05. 430,369 shares of the company's stock were exchanged, compared to its average volume of 1,223,023. The company's fifty day simple moving average is $97.69 and its 200 day simple moving average is $134.44. The stock has a market capitalization of $4.74 billion, a PE ratio of 21.91, a P/E/G ratio of 0.64 and a beta of 1.45. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $228.42.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The business had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period last year, the business posted $1.18 EPS. The business's revenue was up 16.5% compared to the same quarter last year. As a group, sell-side analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the company a "hold" rating in a report on Tuesday, May 20th. Wall Street Zen raised Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Cantor Fitzgerald cut their target price on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, June 24th. Stifel Nicolaus cut their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, Needham & Company LLC cut their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $141.67.

About Onto Innovation

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.