Onto Innovation Inc. $ONTO Stock: Allspring Global Investments Holdings LLC Decreases Stake

Key Points

• Allspring Global Investments trimmed its Onto Innovation stake by 1.5% in the third quarter, selling 6,334 shares and retaining 429,026 shares valued at about $135.1 million. Institutional investors collectively own 98.35% of the company.
• Analysts remain broadly positive, with Onto rated a consensus Buy and an average price target of $380. Targets cited range from $360 to $400.
• Onto beat quarterly earnings and revenue estimates, reporting EPS of $1.93 and revenue of $343.1 million, up 35.3% year over year. The article also reports sales by two directors, both made under pre-arranged trading plans.

Allspring Global Investments Holdings LLC cut its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 429,026 shares of the semiconductor company's stock after selling 6,334 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.87% of Onto Innovation worth $135,092,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ONTO. Allworth Financial LP increased its position in shares of Onto Innovation by 3.9% during the second quarter. Allworth Financial LP now owns 987 shares of the semiconductor company's stock valued at $374,000 after acquiring an additional 37 shares in the last quarter. Everhart Financial Group Inc. raised its holdings in Onto Innovation by 6.6% in the 3rd quarter. Everhart Financial Group Inc. now owns 722 shares of the semiconductor company's stock worth $222,000 after acquiring an additional 45 shares during the last quarter. Parallel Advisors LLC lifted its position in Onto Innovation by 16.5% in the 1st quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company's stock valued at $81,000 after acquiring an additional 56 shares in the last quarter. Kestra Advisory Services LLC lifted its position 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 valued at $281,000 after acquiring an additional 64 shares in the last quarter. Finally, Highland Investment Advisors LLC bought a new position in Onto Innovation in the 2nd quarter valued at approximately $25,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Needham & Company LLC lifted their price objective on Onto Innovation from $330.00 to $360.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Royal Bank Of Canada initiated coverage on shares of Onto Innovation in a research note on Friday, October 2nd. They set an "outperform" rating and a $400.00 target price on the stock. Evercore reaffirmed an "outperform" rating and set a $390.00 price target on shares of Onto Innovation in a report on Friday, August 7th. Wall Street Zen upgraded shares of Onto Innovation from a "hold" rating to a "buy" rating in a research note on Sunday, August 9th. Finally, Weiss Ratings raised shares of Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $380.00.

Onto Innovation Stock Performance

NYSE:ONTO opened at $173.69 on Monday. The stock has a 50-day moving average price of $253.65 and a 200 day moving average price of $259.30. The stock has a market capitalization of $8.52 billion, a P/E ratio of 65.30, a P/E/G ratio of 0.57 and a beta of 1.66. Onto Innovation Inc. has a 12-month low of $118.97 and a 12-month high of $386.46. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.24. The firm had revenue of $343.13 million during the quarter, compared to analyst estimates of $325.29 million. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. Onto Innovation's revenue for the quarter was up 35.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. Equities research analysts forecast that Onto Innovation Inc. will post 8.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Onto Innovation news, Director Susan D. Lynch sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $302.30, for a total transaction of $302,300.00. Following the sale, the director directly owned 2,684 shares of the company's stock, valued at $811,373.20. The trade was a 27.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Miller sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the director owned 10,692 shares in the company, valued at approximately $3,207,600. This trade represents a 15.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.51% of the company's stock.

Onto Innovation Profile

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects.

The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.

Onto Innovation was formed in 2019 through the merger of Nanometrics and Rudolph Technologies.

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