Globeflex Capital L P Takes Position in Onto Innovation Inc. $ONTO

Key Points

• Globeflex Capital opened a new position in Onto Innovation during the first quarter, buying 12,750 shares valued at about $2.6 million.
• Onto Innovation shares were down 1.3% in the latest session, with the stock trading around $295.19 and a market cap of roughly $14.68 billion.
• The company recently beat quarterly earnings expectations, and Wall Street remains bullish with an average analyst rating of “Buy” and a consensus price target of $339.60.

Globeflex Capital L P acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 12,750 shares of the semiconductor company's stock, valued at approximately $2,615,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ONTO. Millstone Evans Group LLC grew its position in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock worth $34,000 after acquiring an additional 99 shares during the last quarter. Transamerica Financial Advisors LLC lifted its position 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 purchasing an additional 115 shares during the last quarter. Root Financial Partners LLC lifted its position 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 purchasing an additional 74 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of 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 purchasing an additional 128 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Onto Innovation during the fourth quarter valued at approximately $39,000. Institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Down 1.3%

Shares of Onto Innovation stock opened at $295.19 on Thursday. The business has a 50 day moving average of $296.06 and a 200 day moving average of $250.16. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The company has a market cap of $14.68 billion, a PE ratio of 137.94, a P/E/G ratio of 1.22 and a beta of 1.55.

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 the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm'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 business posted $1.51 earnings per share. On average, research analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several analyst reports. Freedom Capital raised shares of Onto Innovation to a "strong-buy" rating in a research note on Wednesday, June 17th. Evercore reissued an "outperform" rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Morgan Stanley started coverage on shares of Onto Innovation in a research report on Sunday, June 14th. They issued an "overweight" rating and a $371.00 price objective on the stock. Zacks Research raised shares of Onto Innovation from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Finally, Wall Street Zen upgraded shares of Onto Innovation from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $339.60.

Onto Innovation Profile

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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