Onto Innovation Inc. $ONTO Shares Bought by Pacer Advisors Inc.

Key Points

• Pacer Advisors increased its Onto Innovation stake by 8.7% in the first quarter, owning 364,247 shares valued at approximately $74.7 million. Institutional investors collectively hold 98.35% of the company’s stock.
• Onto Innovation reported quarterly EPS of $1.42, beating estimates of $1.38, while revenue reached $291.95 million, up 9.5% year over year and roughly in line with expectations.
• Despite shares trading down 0.3% at $257.81, analysts maintain a generally positive outlook, with an average “Buy” rating and a consensus price target of $339.60.

Pacer Advisors Inc. raised its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 8.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 364,247 shares of the semiconductor company's stock after purchasing an additional 29,229 shares during the quarter. Pacer Advisors Inc. owned 0.73% of Onto Innovation worth $74,696,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP raised its holdings in Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company's stock valued at $180,778,000 after buying an additional 1,292,772 shares during the period. Franklin Resources Inc. raised its stake in shares of Onto Innovation by 21.4% in the 4th quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company's stock valued at $213,585,000 after acquiring an additional 238,500 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Onto Innovation by 45.4% during the 4th quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company's stock valued at $178,024,000 after acquiring an additional 352,316 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its position in Onto Innovation by 1.2% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company's stock worth $177,725,000 after purchasing an additional 12,999 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in Onto Innovation by 88.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company's stock valued at $151,689,000 after purchasing an additional 451,084 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Trading Down 0.3%

Shares of NYSE ONTO opened at $257.81 on Monday. The company has a market capitalization of $12.82 billion, a price-to-earnings ratio of 120.47, a price-to-earnings-growth ratio of 1.06 and a beta of 1.59. Onto Innovation Inc. has a twelve month low of $89.40 and a twelve month high of $386.46. The business has a 50 day simple moving average of $295.17 and a 200-day simple moving average of $253.80.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. During the same period last year, the business posted $1.51 earnings per share. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities analysts predict that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several research reports. Freedom Capital raised Onto Innovation to a "strong-buy" rating in a research report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a report on Friday, June 5th. They set a "buy" rating and a $350.00 target price on the stock. Wall Street Zen cut Onto Innovation from a "buy" rating to a "hold" rating in a report on Saturday. B. Riley Financial lifted their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Finally, Needham & Company LLC upped their target price on shares of Onto Innovation from $320.00 to $330.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Onto Innovation currently has an average 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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