Swedbank AB Decreases Stock Position in Onto Innovation Inc. $ONTO

Key Points

• Swedbank AB reduced its position in Onto Innovation by 26.6% in the fourth quarter, selling 29,900 shares and leaving it with 82,600 shares valued at about $13.0 million.
• Onto Innovation reported better-than-expected earnings for its latest quarter, posting $1.42 EPS versus the $1.38 consensus, while revenue rose 9.5% year over year to $291.95 million.
• Wall Street remains bullish on ONTO, with a consensus Buy rating and an average target price of $310.63, above the stock’s recent trading level of $285.26.

Swedbank AB cut its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 26.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,600 shares of the semiconductor company's stock after selling 29,900 shares during the period. Swedbank AB owned about 0.17% of Onto Innovation worth $13,039,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Personalized Indexing Management LLC lifted its holdings in Onto Innovation by 1.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,974 shares of the semiconductor company's stock valued at $643,000 after purchasing an additional 75 shares in the last quarter. Amalgamated Bank lifted its holdings in Onto Innovation by 0.3% in the 3rd quarter. Amalgamated Bank now owns 22,663 shares of the semiconductor company's stock valued at $2,929,000 after purchasing an additional 79 shares in the last quarter. Campbell Newman Asset Management Inc. lifted its holdings in Onto Innovation by 0.4% in the 3rd quarter. Campbell Newman Asset Management Inc. now owns 18,880 shares of the semiconductor company's stock valued at $2,440,000 after purchasing an additional 80 shares in the last quarter. Palisades Investment Partners LLC lifted its holdings in shares of Onto Innovation by 0.4% during the 3rd quarter. Palisades Investment Partners LLC now owns 20,206 shares of the semiconductor company's stock worth $2,611,000 after acquiring an additional 84 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Onto Innovation by 1.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,059 shares of the semiconductor company's stock worth $654,000 after acquiring an additional 93 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

ONTO opened at $285.26 on Friday. The firm has a 50 day moving average price of $234.97 and a 200 day moving average price of $192.82. The company has a market cap of $14.19 billion, a PE ratio of 133.30, a price-to-earnings-growth ratio of 1.34 and a beta of 1.70. Onto Innovation Inc. has a 1 year low of $85.88 and a 1 year high of $316.00.

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, topping analysts' consensus estimates of $1.38 by $0.04. The firm had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 EPS. On average, sell-side analysts predict that Onto Innovation Inc. will post 6.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ONTO. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Onto Innovation from a "hold" rating to a "buy" rating in a report on Saturday. Oppenheimer set a $370.00 price objective on shares of Onto Innovation in a report on Wednesday. Weiss Ratings upgraded shares of Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, April 27th. Finally, Cantor Fitzgerald increased their price objective on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $310.63.

Onto Innovation 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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