Onto Innovation Inc. $ONTO Shares Sold by Taylor Frigon Capital Management LLC

Key Points

• Taylor Frigon Capital Management cut its Onto Innovation stake by 31.5% in the first quarter, leaving it with 10,395 shares worth about $2.13 million.
• Onto Innovation reported Q2 earnings that beat estimates, posting $1.42 EPS versus expectations of $1.38, while revenue came in near consensus and rose 9.5% year over year.
• Wall Street remains broadly positive on the semiconductor equipment maker, with an average Moderate Buy rating and an average price target of $339.60, after several firms raised targets recently.

Taylor Frigon Capital Management LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 31.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,395 shares of the semiconductor company's stock after selling 4,782 shares during the quarter. Onto Innovation comprises 1.2% of Taylor Frigon Capital Management LLC's portfolio, making the stock its 29th largest holding. Taylor Frigon Capital Management LLC's holdings in Onto Innovation were worth $2,132,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Transamerica Financial Advisors LLC lifted its holdings in shares of 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 boosted its stake 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 grew its holdings 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 worth $39,000 after acquiring an additional 128 shares during the period. Los Angeles Capital Management LLC acquired a new position in Onto Innovation during the fourth quarter worth about $39,000. Finally, Danske Bank A S acquired a new position in Onto Innovation during the third quarter worth about $39,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Up 4.0%

Shares of Onto Innovation stock opened at $291.23 on Thursday. Onto Innovation Inc. has a 12-month low of $89.40 and a 12-month high of $386.46. The firm has a market capitalization of $14.49 billion, a PE ratio of 136.09, a price-to-earnings-growth ratio of 1.14 and a beta of 1.55. The stock's fifty day moving average is $293.30 and its 200-day moving average is $240.28.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.04. The business had revenue of $291.95 million during the quarter, compared to analyst estimates 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 for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Analysts expect that Onto Innovation Inc. will post 7.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ONTO shares. Cantor Fitzgerald upped their price target on shares of Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $350.00 price objective on shares of Onto Innovation in a research note on Wednesday, May 6th. B. Riley Financial boosted their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Freedom Capital raised shares of Onto Innovation to a "strong-buy" rating in a research note on Wednesday, June 17th. Finally, Stifel Nicolaus set a $350.00 target price on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate 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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