Onto Innovation Inc. (NYSE:ONTO) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 48.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,805 shares of the semiconductor company's stock after selling 68,126 shares during the period. New York State Common Retirement Fund owned approximately 0.15% of Onto Innovation worth $8,713,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ONTO. Commonwealth Equity Services LLC grew its position in Onto Innovation by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock valued at $2,680,000 after acquiring an additional 225 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in Onto Innovation during the 1st quarter valued at $217,000. GAMMA Investing LLC increased its stake in Onto Innovation by 75.0% during the 1st quarter. GAMMA Investing LLC now owns 1,069 shares of the semiconductor company's stock worth $130,000 after buying an additional 458 shares during the period. Oppenheimer & Co. Inc. acquired a new position in Onto Innovation in the 1st quarter worth $420,000. Finally, Oppenheimer Asset Management Inc. boosted its position in Onto Innovation by 16.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 7,211 shares of the semiconductor company's stock valued at $875,000 after buying an additional 1,013 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Needham & Company LLC decreased their price target on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Wall Street Zen upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Benchmark reduced their target price on Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald dropped their price target on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 24th. Finally, Oppenheimer lowered their target price on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Onto Innovation currently has an average rating of "Moderate Buy" and an average target price of $141.67.

Onto Innovation Price Performance

Shares of ONTO opened at $96.82 on Friday. The company has a 50-day moving average of $97.85 and a two-hundred day moving average of $133.73. Onto Innovation Inc. has a one year low of $85.88 and a one year high of $228.42. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 0.63 and a beta of 1.45.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced 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 14.85% and a net margin of 21.36%. The business had revenue of $267.00 million during the quarter, compared to analyst estimates of $267.03 million. During the same period in the previous year, the company earned $1.18 EPS. The firm's revenue was up 16.5% on a year-over-year basis. Analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

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.

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