Moran Wealth Management LLC Makes New $2.14 Million Investment in Onto Innovation Inc. (NYSE:ONTO)

Moran Wealth Management LLC bought a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,602 shares of the semiconductor company's stock, valued at approximately $2,136,000.

Several other hedge funds have also recently modified their holdings of ONTO. Oppenheimer & Co. Inc. purchased a new stake in shares of Onto Innovation in the first quarter worth about $420,000. Oppenheimer Asset Management Inc. increased its stake in Onto Innovation by 16.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 7,211 shares of the semiconductor company's stock worth $875,000 after acquiring an additional 1,013 shares during the last quarter. Advisor Resource Council bought a new stake in Onto Innovation in the 1st quarter worth approximately $391,000. Shelton Wealth Management LLC purchased a new stake in shares of Onto Innovation during the 1st quarter worth approximately $504,000. Finally, State of Alaska Department of Revenue boosted its position in shares of Onto Innovation by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 5,785 shares of the semiconductor company's stock valued at $701,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

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

Onto Innovation Stock Up 2.1%

NYSE:ONTO traded up $2.09 during mid-day trading on Monday, hitting $100.97. 1,555,823 shares of the stock traded hands, compared to its average volume of 971,293. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $238.93. The stock has a market capitalization of $4.93 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 0.64 and a beta of 1.46. The firm's 50 day moving average is $103.45 and its two-hundred day moving average is $140.28.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The business had revenue of $267.00 million during the quarter, compared to analyst estimates of $267.03 million. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company's revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, research analysts predict 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.