Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. trimmed its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 7.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 452,893 shares of the semiconductor company's stock after selling 35,287 shares during the quarter. Congress Asset Management Co. owned 0.92% of Onto Innovation worth $54,954,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Onto Innovation during the 4th quarter worth approximately $87,987,000. Artisan Partners Limited Partnership grew its stake in shares of Onto Innovation by 41.6% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after purchasing an additional 444,860 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Onto Innovation by 72.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company's stock valued at $145,045,000 after acquiring an additional 364,853 shares during the last quarter. Invesco Ltd. lifted its holdings in Onto Innovation by 33.9% in the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after purchasing an additional 356,161 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Onto Innovation by 21.2% during the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after acquiring an additional 271,470 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ONTO shares. Oppenheimer dropped their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Stifel Nicolaus reduced their price target on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Jefferies Financial Group set a $110.00 price target on shares of Onto Innovation and gave the company a "hold" rating in a report on Tuesday, May 20th. Benchmark cut their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $135.00 price target (down from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $167.86.

Onto Innovation Stock Up 1.9%

Shares of ONTO stock opened at $96.09 on Friday. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $238.93. The company has a market capitalization of $4.69 billion, a P/E ratio of 23.67, a P/E/G ratio of 0.89 and a beta of 1.45. The firm has a 50-day moving average price of $109.34 and a 200 day moving average price of $148.14.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same quarter last year, the business earned $1.18 earnings per share. The firm's quarterly revenue was up 16.5% compared to the same quarter last year. As a group, research analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current 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.

Want to see what other hedge funds are holding ONTO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Onto Innovation Inc. (NYSE:ONTO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.