South Street Advisors LLC Sells 5,700 Shares of Onto Innovation Inc. $ONTO

Key Points

• South Street Advisors LLC trimmed its Onto Innovation stake by 6.3% in the fourth quarter, selling 5,700 shares and leaving it with 85,365 shares worth about $13.5 million.
• Wall Street sentiment remains upbeat: several firms raised price targets, and the stock now carries a consensus Buy rating with an average price target of $310.63.
• Onto Innovation’s latest earnings beat expectations, with Q2 revenue up 9.5% year over year, while analysts and Zacks are pointing to AI-driven demand and potential 30%+ revenue growth in 2026 as key growth catalysts.

South Street Advisors LLC lessened its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 6.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 85,365 shares of the semiconductor company's stock after selling 5,700 shares during the period. Onto Innovation comprises approximately 1.9% of South Street Advisors LLC's investment portfolio, making the stock its 24th largest holding. South Street Advisors LLC owned 0.17% of Onto Innovation worth $13,476,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. raised its position in Onto Innovation by 100.0% during the third quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 99 shares in the last quarter. Danske Bank A S bought a new stake in Onto Innovation during the third quarter worth $39,000. Covestor Ltd raised its stake in Onto Innovation by 224.5% in the fourth quarter. Covestor Ltd now owns 305 shares of the semiconductor company's stock valued at $48,000 after buying an additional 211 shares during the period. Torren Management LLC bought a new stake in Onto Innovation in the fourth quarter valued at approximately $49,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Onto Innovation in the fourth quarter valued at approximately $61,000. 98.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on ONTO. Oppenheimer set a $370.00 price objective on Onto Innovation in a research note on Wednesday, May 6th. B. Riley Financial upped their price objective on Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Jefferies Financial Group reissued a "buy" rating and issued a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Cantor Fitzgerald increased their price objective on shares of Onto Innovation from $275.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, April 6th. Finally, Weiss Ratings raised shares of Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $310.63.

Onto Innovation News Summary

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Zacks Research raised multiple earnings forecasts for Onto Innovation, including higher estimates for FY2026 and FY2027 as well as several quarterly periods. Higher earnings expectations can support a stronger valuation and signal improving business momentum.
• Positive Sentiment: Needham increased its price target on Onto Innovation to $330 from $320 while keeping a Buy rating, reinforcing a bullish Wall Street view on the semiconductor equipment maker.
• Positive Sentiment: Zacks also highlighted Onto Innovation’s plan for more than 30% revenue growth in 2026, driven by AI-related demand and new Dragonfly and Atlas systems. That suggests investors are focusing on a potentially accelerating growth story.
• Neutral Sentiment: The company continues to show up on “strong buy” and top tech stock watchlists, which reflects favorable sentiment but does not by itself change fundamentals.
• Neutral Sentiment: A broader article on memory and AI chip stocks may be boosting overall semiconductor interest, but it is not a direct company-specific catalyst for Onto Innovation.

Onto Innovation Trading Down 3.0%

Shares of NYSE ONTO opened at $258.79 on Friday. The firm has a market cap of $12.87 billion, a P/E ratio of 120.93, a price-to-earnings-growth ratio of 1.26 and a beta of 1.70. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $316.00. The business's 50 day moving average is $255.29 and its 200-day moving average is $207.07.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates 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 last year, the company earned $1.51 earnings per share. Analysts forecast that Onto Innovation Inc. will post 7.05 EPS for the current year.

About Onto Innovation

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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