Morse Asset Management Inc Raises Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Morse Asset Management Inc lifted its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 235.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,069 shares of the semiconductor company's stock after purchasing an additional 4,959 shares during the quarter. Morse Asset Management Inc's holdings in Onto Innovation were worth $858,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Onto Innovation by 79.4% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 244 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 108 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Onto Innovation by 2.9% in the 1st quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company's stock worth $381,000 after acquiring an additional 90 shares during the period. Tributary Capital Management LLC lifted its position in shares of Onto Innovation by 4.2% in the 1st quarter. Tributary Capital Management LLC now owns 6,349 shares of the semiconductor company's stock worth $770,000 after acquiring an additional 258 shares during the period. Victory Capital Management Inc. lifted its position in shares of Onto Innovation by 14.6% in the 1st quarter. Victory Capital Management Inc. now owns 120,830 shares of the semiconductor company's stock worth $14,662,000 after acquiring an additional 15,437 shares during the period. Finally, Kornitzer Capital Management Inc. KS bought a new stake in shares of Onto Innovation in the 1st quarter worth approximately $4,325,000. Institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Performance

ONTO traded up $0.65 during trading on Wednesday, reaching $97.44. The stock had a trading volume of 249,334 shares, compared to its average volume of 1,215,736. The stock has a market cap of $4.76 billion, a PE ratio of 22.05, a PEG ratio of 0.65 and a beta of 1.45. Onto Innovation Inc. has a one year low of $85.88 and a one year high of $228.42. The business has a 50-day moving average of $97.85 and a 200-day moving average of $133.47.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $267.03 million. During the same quarter last year, the firm earned $1.18 earnings per share. The firm's quarterly revenue was up 16.5% compared to the same quarter last year. Equities research analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on ONTO shares. Cantor Fitzgerald cut their target price on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 24th. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the stock a "hold" rating in a report on Tuesday, May 20th. Stifel Nicolaus decreased their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC reduced their price target 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, Benchmark reduced their price target on Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $141.67.

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.