Thornburg Investment Management Inc. Sells 5,407 Shares of Onto Innovation Inc. (NYSE:ONTO)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Onto Innovation by 14.2%, owning 32,774 shares after selling 5,407 shares in the first quarter.
• Hedge funds and institutional investors make up 98.35% of Onto Innovation's stock ownership, with significant increases in holdings from multiple firms during the last quarter.
• Onto Innovation's earnings report showed a 16.5% increase in quarterly revenue compared to the previous year, surpassing analysts' estimates with $1.51 earnings per share.

Thornburg Investment Management Inc. trimmed its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 14.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,774 shares of the semiconductor company's stock after selling 5,407 shares during the quarter. Thornburg Investment Management Inc. owned about 0.07% of Onto Innovation worth $3,977,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. XTX Topco Ltd purchased a new stake in Onto Innovation in the 1st quarter valued at approximately $1,421,000. Banque Cantonale Vaudoise acquired a new stake in Onto Innovation during the first quarter worth about $29,000. GSA Capital Partners LLP acquired a new position in shares of Onto Innovation during the first quarter worth about $818,000. Federated Hermes Inc. raised its position in shares of Onto Innovation by 930.7% in the 1st quarter. Federated Hermes Inc. now owns 88,286 shares of the semiconductor company's stock valued at $10,713,000 after purchasing an additional 79,720 shares in the last quarter. Finally, First National Advisers LLC bought a new stake in Onto Innovation during the first quarter valued at $336,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ONTO shares. Wall Street Zen raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Cantor Fitzgerald dropped their price objective on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, June 24th. Stifel Nicolaus reduced their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Benchmark lowered their target price on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Oppenheimer dropped their price objective on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.67.

Onto Innovation Stock Performance

ONTO traded up $1.35 on Wednesday, reaching $102.27. The company had a trading volume of 1,454,839 shares, compared to its average volume of 908,289. The business has a 50 day simple moving average of $97.93 and a 200 day simple moving average of $129.45. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $228.42. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 23.14, a P/E/G ratio of 0.66 and a beta of 1.45.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a net margin of 21.36% and a return on equity of 14.85%. Onto Innovation's revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. As a group, equities research analysts predict that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Onto Innovation Company 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.