Onto Innovation Inc. $ONTO Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its Onto Innovation stake by 61.3% in the first quarter, selling 7,023 shares and retaining 4,441 shares valued at approximately $902,000. Institutional investors collectively own 98.35% of the company.
• Analysts remain broadly bullish on Onto Innovation, with an average “Buy” rating and a consensus price target of $339.60; several firms recently raised or initiated targets between $310 and $350.
• ONTO opened at $217.83 after a reported 9.9% decline. In its latest quarter, the company beat EPS expectations with $1.42 per share, while revenue reached $291.95 million, up 9.5% year over year.

Hsbc Holdings PLC cut its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 61.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,441 shares of the semiconductor company's stock after selling 7,023 shares during the quarter. Hsbc Holdings PLC's holdings in Onto Innovation were worth $902,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC lifted its stake in shares of Onto Innovation by 20.6% during the fourth quarter. Parallel Advisors LLC now owns 339 shares of the semiconductor company's stock valued at $54,000 after buying an additional 58 shares during the period. Kestra Advisory Services LLC grew its stake in Onto Innovation by 4.9% in the 1st quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company's stock worth $281,000 after acquiring an additional 64 shares during the period. Root Financial Partners LLC raised its holdings in Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 74 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Onto Innovation by 8.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company's stock valued at $186,000 after acquiring an additional 92 shares during the last quarter. Finally, Millstone Evans Group LLC lifted its stake in shares of 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 during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

ONTO has been the topic of several analyst reports. B. Riley Financial raised their price objective on Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Jefferies Financial Group reiterated a "buy" rating and issued a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research note on Friday, June 5th. They issued a "buy" rating and a $350.00 price target on the stock. Finally, Evercore restated an "outperform" rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Two 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 MarketBeat, the company presently has an average rating of "Buy" and an average target price of $339.60.

Onto Innovation Stock Down 9.9%

NYSE:ONTO opened at $217.83 on Thursday. The company has a market cap of $10.83 billion, a P/E ratio of 101.79, a P/E/G ratio of 0.99 and a beta of 1.55. The firm's 50 day moving average is $295.48 and its two-hundred day moving average is $252.90. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $386.46.

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, beating the consensus estimate of $1.38 by $0.04. The company 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 business's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.51 EPS. Research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal 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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