Onto Innovation Inc. $ONTO Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust reduced its Onto Innovation stake by 37.6% in the first quarter, selling 11,492 shares and retaining 19,043 shares valued at approximately $3.9 million.
• Analyst sentiment remains positive, with a consensus “Buy” rating and average price target of $339.60; Cantor Fitzgerald recently raised its target to $410.
• Onto Innovation reported quarterly EPS of $1.42, exceeding estimates by $0.04, while revenue rose 9.5% year over year to $291.95 million. Institutional investors collectively own 98.35% of the company.

Glenmede Trust Co. NA decreased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 37.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 19,043 shares of the semiconductor company's stock after selling 11,492 shares during the period. Glenmede Trust Co. NA's holdings in Onto Innovation were worth $3,905,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. CWM LLC increased its stake in Onto Innovation by 361.2% during the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock valued at $3,168,000 after purchasing an additional 15,717 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Onto Innovation in the first quarter worth $2,877,000. M&T Bank Corp lifted its stake in shares of Onto Innovation by 11,228.9% during the fourth quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company's stock worth $53,848,000 after buying an additional 338,101 shares during the period. Fideuram Asset Management Ireland dac acquired a new stake in shares of Onto Innovation during the fourth quarter worth $1,583,000. Finally, Ticino Wealth purchased a new stake in shares of Onto Innovation during the fourth quarter valued at $3,286,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on ONTO. Wall Street Zen downgraded Onto Innovation from a "buy" rating to a "hold" rating in a research report on Saturday. Evercore reaffirmed an "outperform" rating and set a $315.00 price target on shares of Onto Innovation in a research report on Friday, April 17th. Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research note on Friday, June 5th. They set a "buy" rating and a $350.00 price target on the stock. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a "buy" rating in a research note on Friday, April 17th. Finally, Cantor Fitzgerald raised their price objective on Onto Innovation from $350.00 to $410.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $339.60.

Onto Innovation Price Performance

ONTO stock opened at $288.64 on Wednesday. The company has a market capitalization of $14.36 billion, a P/E ratio of 134.88, a price-to-earnings-growth ratio of 1.10 and a beta of 1.59. Onto Innovation Inc. has a 12 month low of $89.40 and a 12 month high of $386.46. The firm's fifty day simple moving average is $295.61 and its 200-day simple moving average is $254.91.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results 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. The firm had revenue of $291.95 million during the quarter, compared to analysts' expectations of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm's revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 earnings per share. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Onto Innovation Profile

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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