Royal Bank of Canada Trims Position in Onto Innovation Inc. $ONTO

Key Points

• Royal Bank of Canada cut its Onto Innovation stake by 13.9% in the first quarter, selling 34,781 shares and retaining 214,629 shares valued at approximately $44 million. Institutional investors collectively own 98.35% of the company.
• Onto Innovation reported quarterly EPS of $1.42, exceeding estimates by $0.04, while revenue reached $291.95 million, up 9.5% year over year. Analysts expect full-year EPS of $7.14.
• Wall Street remains broadly bullish, with an average “Buy” rating and a $339.60 price target; several brokerages recently raised their targets, including Cantor Fitzgerald to $410.

Royal Bank of Canada trimmed its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 13.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 214,629 shares of the semiconductor company's stock after selling 34,781 shares during the period. Royal Bank of Canada owned about 0.43% of Onto Innovation worth $44,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in ONTO. CWM LLC grew its stake in Onto Innovation by 361.2% in the fourth quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock worth $3,168,000 after purchasing an additional 15,717 shares in the last quarter. Entropy Technologies LP bought a new stake in Onto Innovation during the 1st quarter valued at $2,877,000. M&T Bank Corp raised its position in Onto Innovation by 11,228.9% during the 4th quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company's stock valued at $53,848,000 after purchasing an additional 338,101 shares in the last quarter. Fideuram Asset Management Ireland dac purchased a new stake in shares of Onto Innovation in the 4th quarter worth $1,583,000. Finally, Ticino Wealth bought a new position in shares of Onto Innovation during the 4th quarter worth $3,286,000. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $257.81 on Monday. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $386.46. The business has a fifty day moving average price of $295.17 and a 200 day moving average price of $253.80. The stock has a market capitalization of $12.82 billion, a P/E ratio of 120.47, a price-to-earnings-growth ratio of 1.06 and a beta of 1.59.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 earnings per share. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ONTO. Cantor Fitzgerald raised their price target on Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft started coverage on shares of Onto Innovation in a report on Friday, June 5th. They set a "buy" rating and a $350.00 target price on the stock. B. Riley Financial raised their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Needham & Company LLC boosted their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Finally, Stifel Nicolaus set a $350.00 price target on shares of Onto Innovation and gave the stock a "buy" rating in a research report on Friday, April 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $339.60.

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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