Onto Innovation Inc. $ONTO is Future Fund LLC's 8th Largest Position

Key Points

• Future Fund LLC increased its Onto Innovation stake by 44.6% in the first quarter, bringing its holdings to 21,293 shares valued at about $4.37 million. The stock is now the fund’s 8th-largest position and makes up roughly 1.5% of its portfolio.
• Onto Innovation rose 9.5% in revenue in its latest reported quarter and beat EPS estimates, posting $1.42 per share versus the expected $1.38. The company also reported a 10.32% net margin and 11.68% return on equity.
• Analysts remain generally bullish on the semiconductor equipment maker, with a consensus Buy rating and an average price target of $339.60. Recent targets have been lifted as high as $410, reflecting continued optimism about the stock.

Future Fund LLC lifted its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 44.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 21,293 shares of the semiconductor company's stock after purchasing an additional 6,566 shares during the period. Onto Innovation comprises about 1.5% of Future Fund LLC's investment portfolio, making the stock its 8th biggest position. Future Fund LLC's holdings in Onto Innovation were worth $4,367,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Eagle Rock Investment Company LLC grew its stake in shares of Onto Innovation by 99.3% during the fourth quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company's stock valued at $1,584,000 after buying an additional 5,000 shares during the last quarter. CWM LLC lifted its stake in shares of Onto Innovation by 361.2% in the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock valued at $3,168,000 after acquiring an additional 15,717 shares during the last quarter. M&T Bank Corp lifted its stake in shares of Onto Innovation by 11,228.9% in the 4th quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company's stock valued at $53,848,000 after acquiring an additional 338,101 shares during the last quarter. AIA Group Ltd purchased a new stake in Onto Innovation during the 3rd quarter valued at about $1,246,000. Finally, Fideuram Asset Management Ireland dac purchased a new stake in Onto Innovation during the 4th quarter valued at about $1,583,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Trading Down 0.9%

Onto Innovation stock opened at $279.05 on Friday. The firm has a market cap of $13.88 billion, a P/E ratio of 130.40, a P/E/G ratio of 1.15 and a beta of 1.55. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $386.46. The firm has a 50-day moving average of $295.47 and a 200-day moving average of $246.75.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.Onto Innovation's revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.51 EPS. Research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a research report on Friday, June 5th. They set a "buy" rating and a $350.00 price target on the stock. Evercore reiterated an "outperform" rating and issued a $315.00 price objective on shares of Onto Innovation in a research report on Friday, April 17th. Cantor Fitzgerald increased their price objective on Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Needham & Company LLC raised their target price on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, B. Riley Financial lifted their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Onto Innovation presently has a consensus rating of "Buy" and an average target price of $339.60.

About Onto Innovation

Onto Innovation NYSE: ONTO is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company's solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.

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