Onto Innovation Inc. $ONTO Stock Position Reduced by Pier Capital LLC

Key Points

• Pier Capital LLC cut its stake in Onto Innovation by 20.3% in Q4, leaving it with 58,183 shares (about $9.19 million) and making ONTO its 12th-largest holding.
• Wall Street is largely bullish on ONTO with a consensus "Buy" rating and a consensus price target of about $310.63, after several firms raised their targets.
• Onto Innovation slightly beat EPS estimates this quarter ($1.42 vs. $1.38) while revenue was essentially flat to expectations, yet the stock trades at a high P/E (~128) and recently fell about 6.7%.

Pier Capital LLC lessened its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,183 shares of the semiconductor company's stock after selling 14,786 shares during the period. Onto Innovation comprises 1.5% of Pier Capital LLC's portfolio, making the stock its 12th largest position. Pier Capital LLC owned 0.12% of Onto Innovation worth $9,185,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ONTO. Westside Investment Management Inc. lifted its holdings in shares of Onto Innovation by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 99 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Onto Innovation in the 3rd quarter worth approximately $37,000. Danske Bank A S bought a new stake in shares of Onto Innovation in the 3rd quarter worth approximately $39,000. Torren Management LLC bought a new stake in shares of Onto Innovation in the 4th quarter worth approximately $49,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Onto Innovation by 76.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 320 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 139 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ONTO shares. B. Riley Financial raised their price target on Onto Innovation from $275.00 to $310.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Oppenheimer set a $370.00 price target on Onto Innovation in a report on Wednesday. Jefferies Financial Group restated a "buy" rating and issued a $350.00 target price on shares of Onto Innovation in a research report on Wednesday. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the company a "buy" rating in a research report on Friday, April 17th. Finally, Needham & Company LLC raised their target price on Onto Innovation from $320.00 to $330.00 and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $310.63.

Onto Innovation Stock Down 6.7%

Shares of NYSE ONTO opened at $274.27 on Friday. The stock has a market capitalization of $13.64 billion, a price-to-earnings ratio of 128.16, a PEG ratio of 1.44 and a beta of 1.70. The stock's fifty day simple moving average is $234.97 and its 200 day simple moving average is $192.82. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $316.00.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.38 by $0.04. The business had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company's quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.51 EPS. As a group, analysts anticipate that Onto Innovation Inc. will post 6.82 earnings per share for the current year.

Onto Innovation Company 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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