Fred Alger Management LLC Buys 8,919 Shares of Onto Innovation Inc. $ONTO

Key Points

• Fred Alger Management LLC increased its stake in Onto Innovation Inc. by 121.6%, bringing its total holdings to approximately $1.97 million after acquiring an additional 8,919 shares in the first quarter.
• Several institutional investors have also significantly boosted their positions in Onto Innovation, with 98.35% of the stock now owned by such investors, indicating strong institutional interest in the company.
• Analyst ratings for Onto Innovation vary, with five analysts giving it a "buy" rating and a consensus price target of $137.86, despite recent adjustments lowering some price targets.

Fred Alger Management LLC raised its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 121.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,253 shares of the semiconductor company's stock after buying an additional 8,919 shares during the quarter. Fred Alger Management LLC's holdings in Onto Innovation were worth $1,972,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ONTO. Captrust Financial Advisors grew its position in shares of Onto Innovation by 22.2% during the 4th quarter. Captrust Financial Advisors now owns 4,838 shares of the semiconductor company's stock worth $806,000 after buying an additional 879 shares during the period. Deutsche Bank AG grew its position in shares of Onto Innovation by 75.8% in the 4th quarter. Deutsche Bank AG now owns 98,189 shares of the semiconductor company's stock valued at $16,365,000 after purchasing an additional 42,336 shares during the period. Ethic Inc. acquired a new position in shares of Onto Innovation in the 4th quarter valued at approximately $710,000. Lazard Asset Management LLC grew its position in shares of Onto Innovation by 80.9% in the 4th quarter. Lazard Asset Management LLC now owns 412,720 shares of the semiconductor company's stock valued at $68,786,000 after purchasing an additional 184,612 shares during the period. Finally, Millennium Management LLC grew its position in shares of Onto Innovation by 35.3% in the 4th quarter. Millennium Management LLC now owns 152,323 shares of the semiconductor company's stock valued at $25,388,000 after purchasing an additional 39,771 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONTO has been the subject of several research analyst reports. B. Riley decreased their price objective on 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 decreased their price objective on Onto Innovation from $190.00 to $160.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Cantor Fitzgerald decreased their price objective 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. Jefferies Financial Group set a $110.00 price objective on Onto Innovation and gave the company a "hold" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Onto Innovation has an average rating of "Moderate Buy" and an average price target of $137.86.

Onto Innovation Price Performance

NYSE:ONTO traded up $2.85 during trading hours on Friday, reaching $111.10. 1,544,526 shares of the stock were exchanged, compared to its average volume of 930,742. Onto Innovation Inc. has a twelve month low of $85.88 and a twelve month high of $228.42. The firm has a 50 day moving average of $102.73 and a 200 day moving average of $109.99. The stock has a market cap of $5.44 billion, a PE ratio of 27.50, a PEG ratio of 0.73 and a beta of 1.58.

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