Onto Innovation Inc. $ONTO Stock Holdings Decreased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Onto Innovation stake by 28.6% in the third quarter, selling 204,564 shares; it retained 511,652 shares valued at about $157.5 million.
• Institutional investors and hedge funds own 98.35% of Onto shares. Several large firms initiated positions, while Dimensional Fund Advisors increased its holdings by 4.3%.
• Onto reported quarterly earnings and revenue above analyst expectations, with revenue up 35.3% year over year. Analysts’ consensus rating was “Buy,” with an average price target of $380.

Pictet Asset Management Holding SA lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 28.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 511,652 shares of the semiconductor company's stock after selling 204,564 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.04% of Onto Innovation worth $157,458,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ONTO. Andar Capital Management HK Ltd purchased a new position in Onto Innovation during the 2nd quarter valued at about $69,000,000. BlackRock Inc. acquired a new position in Onto Innovation during the second quarter worth about $2,083,436,000. Paradigm Capital Management Inc. NY purchased a new stake in shares of Onto Innovation in the second quarter valued at about $416,839,000. Dimensional Fund Advisors LP lifted its holdings in shares of Onto Innovation by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 677,502 shares of the semiconductor company's stock valued at $138,898,000 after purchasing an additional 28,137 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Onto Innovation in the second quarter valued at about $251,812,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Trading Up 0.2%

Shares of ONTO stock opened at $173.69 on Monday. The firm has a 50-day moving average price of $253.65 and a 200 day moving average price of $259.30. Onto Innovation Inc. has a twelve month low of $118.97 and a twelve month high of $386.46. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 65.30, a PEG ratio of 0.57 and a beta of 1.66. 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 released its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.69 by $0.24. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. The company had revenue of $343.13 million for the quarter, compared to analyst estimates of $325.29 million. During the same period in the prior year, the firm earned $1.25 EPS. The firm's quarterly revenue was up 35.3% on a year-over-year basis. Research analysts forecast that Onto Innovation Inc. will post 8.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ONTO has been the topic of several research reports. The Goldman Sachs Group began coverage on shares of Onto Innovation in a research report on Monday, August 17th. They issued a "buy" rating and a $400.00 price target on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Onto Innovation in a research report on Tuesday, October 20th. Royal Bank Of Canada initiated coverage on Onto Innovation in a research note on Friday, October 2nd. They issued an "outperform" rating and a $400.00 target price on the stock. B. Riley Financial reiterated a "buy" rating on shares of Onto Innovation in a report on Friday, August 7th. Finally, Zacks Research raised Onto Innovation from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Two research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $380.00.

Insider Buying and Selling

In other news, Director Susan Lynch sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $302.30, for a total value of $302,300.00. Following the completion of the transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $600,000.00. Following the transaction, the director directly owned 10,692 shares in the company, valued at $3,207,600. The trade was a 15.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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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