Royal Bank of Canada Acquires 117,798 Shares of Onto Innovation Inc. (NYSE:ONTO)

Royal Bank of Canada increased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 32.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 485,408 shares of the semiconductor company's stock after acquiring an additional 117,798 shares during the period. Royal Bank of Canada owned about 0.98% of Onto Innovation worth $80,903,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kestra Investment Management LLC bought a new stake in shares of Onto Innovation during the 4th quarter worth approximately $26,000. Mather Group LLC. lifted its stake in shares of Onto Innovation by 209.4% during the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 111 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Onto Innovation during the 4th quarter worth approximately $38,000. SBI Securities Co. Ltd. bought a new stake in shares of Onto Innovation during the 4th quarter worth approximately $43,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Onto Innovation during the 4th quarter worth approximately $47,000. 98.35% of the stock is owned by institutional investors.

Onto Innovation Trading Up 1.1%

Shares of NYSE:ONTO opened at $100.48 on Tuesday. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $238.93. The business's fifty day simple moving average is $120.19 and its 200-day simple moving average is $155.23. The company has a market capitalization of $4.91 billion, a PE ratio of 24.75, a P/E/G ratio of 0.89 and a beta of 1.55.

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

Wall Street Analyst Weigh In

ONTO has been the subject of a number of research analyst reports. Oppenheimer decreased their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Needham & Company LLC decreased their target price on 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 reaffirmed a "neutral" rating and set a $135.00 target price (down from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Jefferies Financial Group decreased their target price on Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Finally, StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $177.14.

Onto Innovation 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.

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