Royal Bank of Canada Boosts Stock Holdings in 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% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 approximately 0.98% of Onto Innovation worth $80,903,000 as of its most recent SEC filing.

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

Onto Innovation Price Performance

ONTO traded down $2.85 during trading hours on Friday, reaching $91.98. The company's stock had a trading volume of 1,482,266 shares, compared to its average volume of 921,197. The stock has a market cap of $4.49 billion, a PE ratio of 22.66, a P/E/G 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's 50-day moving average is $116.84 and its 200-day moving average is $152.98.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.47 by $0.04. The business 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%. The company's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.18 EPS. Analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ONTO. Benchmark lowered their price objective on Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Needham & Company LLC lowered their price objective on Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Stifel Nicolaus decreased their target price on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Oppenheimer decreased their target price on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Onto Innovation currently has an average rating of "Moderate Buy" and a consensus target price of $167.86.

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.