Onto Innovation Inc. (NYSE:ONTO) Stock Position Lifted by Millennium Management LLC

Millennium Management LLC raised its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 35.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 152,323 shares of the semiconductor company's stock after buying an additional 39,771 shares during the period. Millennium Management LLC owned approximately 0.31% of Onto Innovation worth $25,388,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in shares of Onto Innovation in the fourth quarter valued at about $26,000. Mather Group LLC. lifted its stake in shares of Onto Innovation by 209.4% during the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after buying an additional 111 shares during the period. Johnson Financial Group Inc. purchased a new position in Onto Innovation during the fourth quarter worth approximately $38,000. SBI Securities Co. Ltd. purchased a new position in Onto Innovation during the fourth quarter worth approximately $43,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in Onto Innovation during the fourth quarter worth approximately $47,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ONTO shares. Benchmark lowered their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Stifel Nicolaus cut their price objective on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Oppenheimer cut their price objective 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. Finally, Needham & Company LLC cut their price objective on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three investment 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, the company currently has an average rating of "Moderate Buy" and an average target price of $167.86.

Onto Innovation Trading Down 3.0%

Shares of NYSE ONTO traded down $2.85 during midday trading on Friday, reaching $91.98. The company's stock had a trading volume of 1,482,266 shares, compared to its average volume of 921,197. The company has a 50 day moving average price of $116.84 and a 200 day moving average price of $152.98. Onto Innovation Inc. has a one year low of $85.88 and a one year high of $238.93. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 22.66, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The business had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period in the previous year, the firm earned $1.18 EPS. The business's revenue for the quarter was up 16.5% on a year-over-year basis. Research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Onto Innovation 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.