Hsbc Holdings PLC Sells 24,300 Shares of Onto Innovation Inc. $ONTO

Key Points

• Hsbc Holdings PLC cut its Onto Innovation stake by 67.9% in the fourth quarter, selling 24,300 shares and ending with 11,464 shares worth about $1.82 million.
• Analyst sentiment remains upbeat, with Onto Innovation carrying a Moderate Buy consensus, including multiple recent upgrades and a consensus price target of $339.60.
• The stock rose 1.4% to $321.53, while the company’s latest quarterly results beat EPS expectations, reporting $1.42 per share on revenue of $291.95 million.

Hsbc Holdings PLC lessened its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 67.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 11,464 shares of the semiconductor company's stock after selling 24,300 shares during the period. Hsbc Holdings PLC's holdings in Onto Innovation were worth $1,820,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Transamerica Financial Advisors LLC raised its holdings in Onto Innovation by 188.5% during the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock worth $28,000 after buying an additional 115 shares during the last quarter. Root Financial Partners LLC grew its holdings in shares of Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after buying an additional 74 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Onto Innovation during the fourth quarter worth about $39,000. CIBC Private Wealth Group LLC increased its position 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 worth $39,000 after acquiring an additional 128 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Onto Innovation in the 3rd quarter worth about $39,000. Institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ONTO. Freedom Capital upgraded Onto Innovation to a "strong-buy" rating in a research note on Wednesday, June 17th. Needham & Company LLC increased their price objective on Onto Innovation from $320.00 to $330.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. B. Riley Financial raised their target price on Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a report on Monday, April 13th. Weiss Ratings upgraded Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a research report on Friday, June 5th. They issued a "buy" rating and a $350.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Onto Innovation has an average rating of "Moderate Buy" and a consensus target price of $339.60.

Onto Innovation Trading Up 1.4%

Shares of ONTO traded up $4.51 on Friday, reaching $321.53. 903,338 shares of the company's stock traded hands, compared to its average volume of 1,417,770. The stock's 50 day simple moving average is $294.75 and its two-hundred day simple moving average is $241.98. The stock has a market cap of $15.99 billion, a PE ratio of 150.25, a PEG ratio of 1.31 and a beta of 1.55. Onto Innovation Inc. has a 52-week low of $89.40 and a 52-week high of $386.46.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping 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 return on equity of 11.68% and a net margin of 10.32%.The business's revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.51 earnings per share. Analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Onto Innovation Company 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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