Oak Thistle LLC Takes Position in Onto Innovation Inc. (NYSE:ONTO)

Oak Thistle LLC acquired a new stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 12,692 shares of the semiconductor company's stock, valued at approximately $1,540,000.

A number of other hedge funds have also made changes to their positions in ONTO. Johnson Financial Group Inc. bought a new stake in Onto Innovation during the fourth quarter worth approximately $38,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Onto Innovation by 177.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock worth $29,000 after buying an additional 151 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Onto Innovation by 79.4% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 244 shares of the semiconductor company's stock worth $30,000 after buying an additional 108 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Onto Innovation by 3,700.0% during the first quarter. Larson Financial Group LLC now owns 266 shares of the semiconductor company's stock worth $32,000 after buying an additional 259 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Onto Innovation during the fourth quarter worth approximately $47,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Performance

Shares of Onto Innovation stock traded up $1.06 during midday trading on Thursday, reaching $98.23. 1,102,579 shares of the company's stock traded hands, compared to its average volume of 989,273. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 22.22, a price-to-earnings-growth ratio of 0.63 and a beta of 1.45. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $228.42. The company's 50 day simple moving average is $97.82 and its 200 day simple moving average is $131.76.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Cantor Fitzgerald decreased their price objective on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, June 24th. Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the stock a "hold" rating in a research note on Tuesday, May 20th. Stifel Nicolaus decreased their price objective on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Wall Street Zen raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, Benchmark decreased their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" 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 four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.