Janus Henderson Group PLC Decreases Stake in Onto Innovation Inc. $ONTO

Key Points

• Janus Henderson Group cut its Onto Innovation stake by 27.3% in the first quarter, selling 25,872 shares and retaining 68,999 shares valued at approximately $14.1 million. Institutional investors collectively own 98.35% of the company.
• Onto Innovation reported quarterly EPS of $1.42, topping analyst expectations of $1.38, while revenue rose 9.5% year over year to $291.95 million. Analysts expect full-year EPS of $7.14.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $339.60, compared with the stock’s reported opening price of $288.64.

Janus Henderson Group PLC lessened its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 27.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,999 shares of the semiconductor company's stock after selling 25,872 shares during the quarter. Janus Henderson Group PLC owned approximately 0.14% of Onto Innovation worth $14,145,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bull Harbor Capital LLC purchased a new position in shares of Onto Innovation in the first quarter worth about $379,000. Arkadios Wealth Advisors purchased a new stake in Onto Innovation during the 1st quarter valued at about $201,000. EverSource Wealth Advisors LLC grew its stake in Onto Innovation by 18.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,189 shares of the semiconductor company's stock valued at $244,000 after acquiring an additional 183 shares in the last quarter. California State Teachers Retirement System raised its holdings in Onto Innovation by 22.1% in the 1st quarter. California State Teachers Retirement System now owns 56,775 shares of the semiconductor company's stock valued at $11,643,000 after acquiring an additional 10,271 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in Onto Innovation by 703.6% in the 1st quarter. Empowered Funds LLC now owns 13,572 shares of the semiconductor company's stock valued at $2,783,000 after acquiring an additional 11,883 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Price Performance

NYSE:ONTO opened at $288.64 on Wednesday. The company's 50-day moving average is $295.61 and its two-hundred day moving average is $254.91. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $386.46. The firm has a market capitalization of $14.36 billion, a price-to-earnings ratio of 134.88, a PEG ratio of 1.10 and a beta of 1.59.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same quarter in the previous year, the company earned $1.51 EPS. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, equities analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

ONTO has been the topic of several recent research reports. Evercore restated an "outperform" rating and set a $315.00 target price on shares of Onto Innovation in a report on Friday, April 17th. Zacks Research raised Onto Innovation from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Needham & Company LLC lifted their price objective on Onto Innovation from $320.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Freedom Capital raised Onto Innovation to a "strong-buy" rating in a research note on Wednesday, June 17th. Finally, B. Riley Financial upped 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Onto Innovation presently has a consensus rating of "Buy" and a consensus 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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