Point72 Asset Management L.P. Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Point72 Asset Management L.P. acquired a new position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 80,045 shares of the semiconductor company's stock, valued at approximately $13,341,000. Point72 Asset Management L.P. owned about 0.16% of Onto Innovation at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ONTO. Norges Bank purchased a new stake in shares of Onto Innovation during the 4th quarter worth $87,987,000. Artisan Partners Limited Partnership raised its stake in Onto Innovation by 41.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after buying an additional 444,860 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Onto Innovation by 72.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company's stock valued at $145,045,000 after buying an additional 364,853 shares during the last quarter. Invesco Ltd. raised its stake in Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after buying an additional 356,161 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Onto Innovation by 21.2% in the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock valued at $258,883,000 after buying an additional 271,470 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ONTO. Wall Street Zen upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research note on Saturday, May 17th. Benchmark decreased their price target on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Needham & Company LLC decreased their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $135.00 price target (down from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Finally, Stifel Nicolaus decreased their price target on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Onto Innovation currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.86.

Onto Innovation Stock Performance

Onto Innovation stock traded down $2.85 during midday trading on Friday, hitting $91.98. 1,482,266 shares of the company were exchanged, compared to its average volume of 921,197. The firm has a market capitalization of $4.49 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $238.93. The business has a fifty day simple moving average of $116.84 and a two-hundred day simple moving average of $153.14.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.47 by $0.04. The firm had revenue of $267.00 million for the quarter, compared to analyst estimates of $267.03 million. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Onto Innovation's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share. As a group, equities analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.