Lazard Asset Management LLC Buys 7,161 Shares of Onto Innovation Inc. $ONTO

Key Points

• Lazard Asset Management increased its Onto Innovation stake by 17.2% in the first quarter, purchasing 7,161 shares and bringing its holdings to 48,728 shares worth approximately $9.99 million.
• ONTO shares were trading at $217.83, down 9.9%, while the company reported quarterly EPS of $1.42, beating estimates by $0.04. Revenue rose 9.5% year over year to $291.95 million.
• Wall Street remains broadly bullish: analysts assign Onto Innovation a consensus “Buy” rating with an average price target of $339.60, well above the current share price.

Lazard Asset Management LLC boosted its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 17.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,728 shares of the semiconductor company's stock after purchasing an additional 7,161 shares during the period. Lazard Asset Management LLC owned 0.10% of Onto Innovation worth $9,993,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of Onto Innovation by 16.5% during the 1st quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company's stock worth $81,000 after purchasing an additional 56 shares in the last quarter. Kestra Advisory Services LLC increased its holdings in Onto Innovation by 4.9% during the first quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company's stock worth $281,000 after buying an additional 64 shares during the last quarter. Root Financial Partners LLC increased its holdings in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock worth $28,000 after buying an additional 74 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company's stock worth $186,000 after acquiring an additional 92 shares in the last quarter. Finally, Millstone Evans Group LLC raised its position in Onto Innovation by 147.8% during the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock worth $34,000 after acquiring an additional 99 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Trading Down 9.9%

Shares of ONTO opened at $217.83 on Thursday. The stock has a market capitalization of $10.83 billion, a PE ratio of 101.79, a P/E/G ratio of 0.99 and a beta of 1.55. Onto Innovation Inc. has a 12 month low of $89.40 and a 12 month high of $386.46. The firm's 50 day moving average is $295.48 and its 200-day moving average is $252.90.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its 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 period last year, the firm earned $1.51 EPS. The business's quarterly revenue was up 9.5% compared to the same quarter last year. Equities research analysts predict that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ONTO. B. Riley Financial lifted their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Weiss Ratings reiterated a "hold (c)" rating on shares of Onto Innovation in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a report on Friday, June 5th. They set a "buy" rating and a $350.00 price target for the company. Evercore reissued an "outperform" rating and set a $315.00 price target on shares of Onto Innovation in a research report on Friday, April 17th. Finally, Cantor Fitzgerald upped their price objective on Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price 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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