Onto Innovation Inc. $ONTO Shares Sold by Guardian Point Capital LP

Key Points

• Guardian Point Capital cut its Onto Innovation stake by 31.2% in the first quarter, selling 50,000 shares and leaving it with 110,000 shares worth about $22.6 million. The stock still represented about 9.3% of the firm’s portfolio.
• Onto Innovation reported solid quarterly results, with EPS of $1.42 beating estimates and revenue of $291.95 million, up 9.5% year over year. The company also posted a 10.32% net margin and 11.68% return on equity.
• Wall Street remains bullish on Onto Innovation, with a consensus rating of “Buy” and an average price target of $339.60. The article notes the stock was down 6.7% and trading at $271.83 at the time.

Guardian Point Capital LP trimmed its position in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 31.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,000 shares of the semiconductor company's stock after selling 50,000 shares during the quarter. Onto Innovation accounts for approximately 9.3% of Guardian Point Capital LP's portfolio, making the stock its 5th largest holding. Guardian Point Capital LP owned about 0.22% of Onto Innovation worth $22,558,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Millstone Evans Group LLC increased its position in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock worth $34,000 after purchasing an additional 99 shares in the last quarter. Transamerica Financial Advisors LLC raised its holdings in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock valued at $28,000 after buying an additional 115 shares during the period. Root Financial Partners LLC lifted its position in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after buying an additional 74 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock valued at $39,000 after buying an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Onto Innovation during the fourth quarter worth approximately $39,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Stock Down 6.7%

NYSE ONTO opened at $271.83 on Friday. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $386.46. The business has a 50 day moving average price of $296.34 and a two-hundred day moving average price of $251.19. The stock has a market cap of $13.52 billion, a PE ratio of 127.02, a P/E/G ratio of 1.11 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data 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. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same quarter last year, the firm posted $1.51 earnings per share. The business's quarterly revenue was up 9.5% on a year-over-year basis. Sell-side analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ONTO shares. Morgan Stanley initiated coverage on shares of Onto Innovation in a research report on Sunday, June 14th. They issued an "overweight" rating and a $371.00 price objective for the company. Stifel Nicolaus set a $350.00 target price on shares of Onto Innovation and gave the company a "buy" rating in a report on Friday, April 17th. B. Riley Financial upped their price target on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Evercore reiterated an "outperform" rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research report on Friday, June 5th. They issued a "buy" rating and a $350.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Onto Innovation presently has a consensus rating of "Buy" and an average price target of $339.60.

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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