Assenagon Asset Management S.A. Trims Holdings in Onto Innovation Inc. (NYSE:ONTO)

Assenagon Asset Management S.A. lessened its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 52.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,751 shares of the semiconductor company's stock after selling 83,595 shares during the period. Assenagon Asset Management S.A. owned about 0.15% of Onto Innovation worth $9,192,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ONTO. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Onto Innovation by 12.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,595 shares of the semiconductor company's stock valued at $433,000 after purchasing an additional 290 shares in the last quarter. Empowered Funds LLC bought a new position in Onto Innovation in the fourth quarter worth approximately $355,000. Stephens Inc. AR raised its stake in Onto Innovation by 38.1% in the fourth quarter. Stephens Inc. AR now owns 1,921 shares of the semiconductor company's stock worth $320,000 after buying an additional 530 shares in the last quarter. Rhumbline Advisers lifted its holdings in Onto Innovation by 1.0% during the fourth quarter. Rhumbline Advisers now owns 138,314 shares of the semiconductor company's stock worth $23,053,000 after buying an additional 1,388 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Onto Innovation by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company's stock valued at $256,000 after acquiring an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Oppenheimer reduced their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Cantor Fitzgerald restated a "neutral" rating and issued a $135.00 target price (down previously from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the stock a "hold" rating in a research report on Tuesday, May 20th. Finally, Needham & Company LLC dropped their price target on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $167.86.

Onto Innovation Stock Down 1.5%

Shares of ONTO traded down $1.44 during midday trading on Tuesday, reaching $97.43. The company had a trading volume of 1,128,474 shares, compared to its average volume of 968,633. Onto Innovation Inc. has a 1-year low of $85.88 and a 1-year high of $238.93. The firm has a 50 day simple moving average of $107.28 and a 200-day simple moving average of $144.88. The stock has a market cap of $4.76 billion, a PE ratio of 22.04, a price-to-earnings-growth ratio of 0.64 and a beta of 1.45.

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