Onto Innovation Inc. (NYSE:ONTO) Stock Position Trimmed by Legato Capital Management LLC

Key Points

• Legato Capital Management LLC has reduced its holdings in Onto Innovation Inc. by 37.6%, owning 4,590 shares after selling 2,767 shares in the 1st quarter, with the holdings valued at approximately $557,000.
• Onto Innovation's recent quarterly earnings showed an EPS of $1.51, surpassing estimates of $1.47, with revenues of $267 million, reflecting a 16.5% year-over-year increase.
• Recent analysts' reports have lowered the price targets for Onto Innovation, with Needham & Company reducing its target from $230 to $150 while three analysts rated the stock as a hold, and four issued a buy rating.

Legato Capital Management LLC lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 37.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,590 shares of the semiconductor company's stock after selling 2,767 shares during the period. Legato Capital Management LLC's holdings in Onto Innovation were worth $557,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ONTO. KLP Kapitalforvaltning AS purchased a new stake in Onto Innovation during the fourth quarter worth approximately $1,671,000. LPL Financial LLC boosted its position in shares of Onto Innovation by 35.3% in the fourth quarter. LPL Financial LLC now owns 35,672 shares of the semiconductor company's stock worth $5,945,000 after buying an additional 9,310 shares during the period. Vanguard Group Inc. boosted its holdings in Onto Innovation by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after acquiring an additional 76,233 shares during the period. JPMorgan Chase & Co. boosted its holdings in Onto Innovation by 9.2% in the 4th quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock worth $365,380,000 after acquiring an additional 183,839 shares during the period. Finally, Norges Bank purchased a new position in shares of Onto Innovation in the fourth quarter valued at $87,987,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ONTO shares. Needham & Company LLC decreased their target price on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Oppenheimer decreased their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Wall Street Zen raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Cantor Fitzgerald reduced their price target on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Tuesday, June 24th. Finally, Stifel Nicolaus reduced their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.67.

Onto Innovation Price Performance

ONTO traded down $1.61 during trading hours on Tuesday, hitting $100.23. 191,173 shares of the stock were exchanged, compared to its average volume of 1,211,384. The stock has a 50-day simple moving average of $97.86 and a 200-day simple moving average of $129.65. Onto Innovation Inc. has a 12 month low of $85.88 and a 12 month high of $228.42. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 0.65 and a beta of 1.45.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a net margin of 21.36% and a return on equity of 14.85%. The company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period last year, the firm posted $1.18 EPS. The company's revenue for the quarter was up 16.5% on a year-over-year basis. Sell-side analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current year.

About Onto Innovation

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.