Rafferty Asset Management LLC Sells 29,249 Shares of Onto Innovation Inc. $ONTO

Key Points

• Rafferty Asset Management LLC sold 29,249 shares of Onto Innovation Inc., reducing its holdings by 6.9% to 393,207 shares valued at approximately $47.7 million.
• A number of significant institutional investors increased their stakes in Onto Innovation, with Hsbc Holdings PLC raising its holdings by 334.7% in the last quarter.
• Onto Innovation reported a quarterly earnings miss of $1.25 EPS, slightly below expectations, while its revenue increased 4.7% year-over-year, totaling $253.6 million.

Rafferty Asset Management LLC reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 6.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 393,207 shares of the semiconductor company's stock after selling 29,249 shares during the period. Rafferty Asset Management LLC owned about 0.81% of Onto Innovation worth $47,712,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in Onto Innovation by 48.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,291,415 shares of the semiconductor company's stock valued at $156,700,000 after purchasing an additional 421,165 shares during the last quarter. Geneva Capital Management LLC lifted its holdings in Onto Innovation by 0.5% during the 1st quarter. Geneva Capital Management LLC now owns 1,015,323 shares of the semiconductor company's stock valued at $123,199,000 after purchasing an additional 4,632 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Onto Innovation by 12.6% during the 1st quarter. Wellington Management Group LLP now owns 489,413 shares of the semiconductor company's stock valued at $59,385,000 after purchasing an additional 54,607 shares during the last quarter. Royal Bank of Canada lifted its holdings in Onto Innovation by 32.0% during the 4th quarter. Royal Bank of Canada now owns 485,408 shares of the semiconductor company's stock valued at $80,903,000 after purchasing an additional 117,798 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Onto Innovation by 21.7% during the 4th quarter. Northern Trust Corp now owns 479,478 shares of the semiconductor company's stock valued at $79,915,000 after purchasing an additional 85,492 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Price Performance

Shares of Onto Innovation stock traded down $3.47 on Friday, hitting $105.83. The company had a trading volume of 1,081,161 shares, compared to its average volume of 1,429,511. The firm has a market capitalization of $5.19 billion, a P/E ratio of 26.20, a P/E/G ratio of 0.71 and a beta of 1.44. Onto Innovation Inc. has a twelve month low of $85.88 and a twelve month high of $228.42. The stock has a 50-day moving average of $101.59 and a 200-day moving average of $113.92.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.02). The company had revenue of $253.60 million during the quarter, compared to analyst estimates of $250.56 million. Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.32 EPS. Onto Innovation has set its Q3 2025 guidance at 0.750-0.950 EPS. Equities analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. B. Riley lowered their price objective on shares of Onto Innovation from $160.00 to $145.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Cantor Fitzgerald lowered their price objective on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, June 24th. Benchmark reduced their price objective on shares of Onto Innovation from $190.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the stock a "hold" rating in a research note on Tuesday, May 20th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $137.86.

About Onto Innovation

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.