Onto Innovation Inc. (NYSE:ONTO) Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Onto Innovation by 70.9% in Q1, now holding approximately 0.06% of the company valued at $3.5 million.
• Several hedge funds increased their holdings significantly, with Larson Financial Group LLC increasing its stake by 3,700.0% during the same period.
• A number of analysts have lowered their price targets for Onto Innovation, with an average rating of "Moderate Buy" and a projected target price of $141.67.

J. Safra Sarasin Holding AG lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 70.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,165 shares of the semiconductor company's stock after selling 70,946 shares during the quarter. J. Safra Sarasin Holding AG owned approximately 0.06% of Onto Innovation worth $3,539,000 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 company. MassMutual Private Wealth & Trust FSB grew its holdings in Onto Innovation by 177.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock valued at $29,000 after buying an additional 151 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Onto Innovation in the 1st quarter valued at about $29,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Onto Innovation by 79.4% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 244 shares of the semiconductor company's stock valued at $30,000 after buying an additional 108 shares during the period. Larson Financial Group LLC grew its holdings in Onto Innovation by 3,700.0% in the 1st quarter. Larson Financial Group LLC now owns 266 shares of the semiconductor company's stock valued at $32,000 after buying an additional 259 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Onto Innovation during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Benchmark decreased their target price on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Oppenheimer decreased their price target on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Stifel Nicolaus decreased their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Cantor Fitzgerald decreased their price target on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Tuesday, June 24th. Finally, Needham & Company LLC decreased their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $141.67.

Onto Innovation Trading Down 0.5%

ONTO stock opened at $94.27 on Friday. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $228.42. The stock's 50 day simple moving average is $98.12 and its 200 day simple moving average is $127.32. The firm has a market cap of $4.60 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.61 and a beta of 1.44.

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

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