Onto Innovation Inc. (NYSE:ONTO) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 3.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,037 shares of the semiconductor company's stock after purchasing an additional 2,910 shares during the quarter. Envestnet Asset Management Inc. owned 0.17% of Onto Innovation worth $10,076,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ONTO. Norges Bank bought a new stake in shares of Onto Innovation during the 4th quarter valued at $87,987,000. Artisan Partners Limited Partnership increased its holdings in Onto Innovation by 41.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after acquiring an additional 444,860 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Onto Innovation by 72.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company's stock valued at $145,045,000 after acquiring an additional 364,853 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Onto Innovation by 33.9% in the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after buying an additional 356,161 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Onto Innovation by 21.2% in the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after buying an additional 271,470 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

ONTO has been the topic of a number of research reports. Wall Street Zen upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Jefferies Financial Group set a $110.00 price target on shares of Onto Innovation and gave the stock a "hold" rating in a research report on Tuesday, May 20th. Cantor Fitzgerald reduced their price objective on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, June 24th. Benchmark cut their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Stifel Nicolaus dropped their price objective on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.67.

Onto Innovation Stock Performance

NYSE ONTO traded up $0.37 during mid-day trading on Thursday, reaching $97.54. 191,980 shares of the stock were exchanged, compared to its average volume of 1,213,138. The company has a market capitalization of $4.76 billion, a P/E ratio of 22.13, a P/E/G ratio of 0.63 and a beta of 1.45. Onto Innovation Inc. has a 1 year low of $85.88 and a 1 year high of $228.42. The business's 50 day moving average is $97.82 and its 200-day moving average is $132.41.

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

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.