LPL Financial LLC Has $4.99 Million Stake in Onto Innovation Inc. (NYSE:ONTO)

Key Points

• LPL Financial LLC has increased its stake in Onto Innovation Inc. by 20.1%, owning approximately 42,849 shares valued at nearly $4.99 million.
• Institutional investors hold 98.35% of Onto Innovation's stock, with significant recent increases in holdings from various hedge funds, including Massachusetts Financial Services Co., which raised its stake by 48.4%.
• Onto Innovation reported a quarterly EPS of $1.25, missing estimates, despite a 4.7% year-over-year increase in revenue to $253.60 million.

LPL Financial LLC raised its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,849 shares of the semiconductor company's stock after buying an additional 7,177 shares during the period. LPL Financial LLC owned about 0.09% of Onto Innovation worth $4,989,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Onto Innovation by 48.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,291,415 shares of the semiconductor company's stock worth $156,700,000 after buying an additional 421,165 shares in the last quarter. Royal Bank of Canada boosted its position in Onto Innovation by 32.0% in the 4th quarter. Royal Bank of Canada now owns 485,408 shares of the semiconductor company's stock valued at $80,903,000 after buying an additional 117,798 shares during the last quarter. Northern Trust Corp boosted its position in Onto Innovation by 21.7% in the 4th quarter. Northern Trust Corp now owns 479,478 shares of the semiconductor company's stock valued at $79,915,000 after buying an additional 85,492 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of Onto Innovation by 80.9% in the 4th quarter. Lazard Asset Management LLC now owns 412,720 shares of the semiconductor company's stock valued at $68,786,000 after buying an additional 184,612 shares during the period. Finally, Barclays PLC increased its stake in shares of Onto Innovation by 32.7% in the 4th quarter. Barclays PLC now owns 288,152 shares of the semiconductor company's stock valued at $48,028,000 after buying an additional 70,962 shares during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ONTO shares. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the company a "hold" rating in a research note on Tuesday, May 20th. Benchmark lowered their target price on Onto Innovation from $190.00 to $160.00 and set a "buy" rating for the company in a research note on Friday, August 8th. B. Riley lowered their target price on Onto Innovation from $160.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Cantor Fitzgerald lowered their target price on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, June 24th. Finally, Oppenheimer lowered their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $137.86.

Onto Innovation Stock Performance

ONTO opened at $111.57 on Thursday. The company has a fifty day moving average price of $99.14 and a two-hundred day moving average price of $121.49. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $228.42. The firm has a market capitalization of $5.47 billion, a PE ratio of 27.62, a P/E/G ratio of 0.74 and a beta of 1.44.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, August 7th. The semiconductor company reported $1.25 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.02). Onto Innovation had a return on equity of 14.38% and a net margin of 19.29%. The business had revenue of $253.60 million for the quarter, compared to analyst estimates of $250.56 million. During the same period in the prior year, the firm posted $1.32 EPS. Onto Innovation's revenue was up 4.7% on a year-over-year basis. Equities analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current year.

Onto Innovation Company Profile

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.

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