Deepwater Asset Management LLC Acquires 10,121 Shares of Onto Innovation Inc. $ONTO

Key Points

• Deepwater Asset Management LLC has increased its stake in Onto Innovation Inc. by 10.6%, making it the firm's 8th largest position at 5.4% of their portfolio.
• Onto Innovation reported a Q2 EPS of $1.25, missing estimates, but saw a 4.7% year-over-year revenue increase to $253.60 million.
• The stock has seen price target adjustments from various analysts, with an average rating of "Moderate Buy" and a consensus target price of $137.86.

Deepwater Asset Management LLC boosted its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 10.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 105,446 shares of the semiconductor company's stock after acquiring an additional 10,121 shares during the period. Onto Innovation comprises 5.4% of Deepwater Asset Management LLC's portfolio, making the stock its 8th largest holding. Deepwater Asset Management LLC owned approximately 0.22% of Onto Innovation worth $12,795,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ONTO. Russell Investments Group Ltd. increased its position in shares of Onto Innovation by 13.7% in the fourth quarter. Russell Investments Group Ltd. now owns 13,622 shares of the semiconductor company's stock worth $2,270,000 after acquiring an additional 1,640 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of Onto Innovation by 46.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,360 shares of the semiconductor company's stock valued at $393,000 after purchasing an additional 744 shares during the period. Rockefeller Capital Management L.P. bought a new stake in Onto Innovation during the 4th quarter worth approximately $9,684,000. Barclays PLC raised its position in shares of Onto Innovation by 32.7% during the fourth quarter. Barclays PLC now owns 288,152 shares of the semiconductor company's stock worth $48,028,000 after acquiring an additional 70,962 shares during the last quarter. Finally, Jump Financial LLC boosted its holdings in Onto Innovation by 363.3% during the fourth quarter. Jump Financial LLC now owns 24,656 shares of the semiconductor company's stock worth $4,109,000 after buying an additional 19,334 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Down 1.1%

Shares of ONTO traded down $1.1410 during mid-day trading on Tuesday, hitting $107.5190. 1,026,365 shares of the company traded hands, compared to its average volume of 1,261,958. The business has a 50 day moving average of $99.86 and a 200 day moving average of $118.69. The company has a market capitalization of $5.27 billion, a PE ratio of 26.61, a price-to-earnings-growth ratio of 0.72 and a beta of 1.44. Onto Innovation Inc. has a 1-year low of $85.88 and a 1-year high of $228.42.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, August 7th. The semiconductor company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.02). Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. The firm had revenue of $253.60 million during the quarter, compared to analysts' expectations of $250.56 million. During the same quarter last year, the business earned $1.32 EPS. The business's revenue was up 4.7% compared to the same quarter last year. Onto Innovation has set its Q3 2025 guidance at 0.750-0.950 EPS. As a group, research analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on ONTO. B. Riley cut their price target on Onto Innovation from $160.00 to $145.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Cantor Fitzgerald dropped their price objective 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. Jefferies Financial Group set a $110.00 price target on Onto Innovation and gave the stock a "hold" rating in a research report on Tuesday, May 20th. Benchmark lowered their target price on Onto Innovation from $190.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Oppenheimer decreased their target price on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

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.