Twinbeech Capital LP Reduces Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Twinbeech Capital LP lowered its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 73.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,555 shares of the semiconductor company's stock after selling 4,317 shares during the period. Twinbeech Capital LP's holdings in Onto Innovation were worth $259,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ONTO. Commonwealth Equity Services LLC raised its position in Onto Innovation by 1.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock valued at $2,680,000 after purchasing an additional 225 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company's stock worth $416,863,000 after buying an additional 228,800 shares during the period. Barclays PLC lifted its holdings in Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company's stock worth $45,079,000 after buying an additional 201,640 shares during the period. Truist Financial Corp lifted its holdings in shares of Onto Innovation by 35.6% during the fourth quarter. Truist Financial Corp now owns 1,605 shares of the semiconductor company's stock valued at $268,000 after purchasing an additional 421 shares during the last quarter. Finally, Tributary Capital Management LLC lifted its holdings in shares of Onto Innovation by 101.9% during the fourth quarter. Tributary Capital Management LLC now owns 6,091 shares of the semiconductor company's stock valued at $1,015,000 after purchasing an additional 3,074 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ONTO shares. Jefferies Financial Group set a $110.00 target price on shares of Onto Innovation and gave the company a "hold" rating in a report on Tuesday, May 20th. Oppenheimer decreased their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Cantor Fitzgerald restated 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. Stifel Nicolaus cut their target price on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Benchmark cut their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation has an average rating of "Moderate Buy" and a consensus price target of $167.86.

Onto Innovation Stock Up 0.9%

ONTO stock traded up $0.81 during mid-day trading on Thursday, hitting $94.43. The company had a trading volume of 443,700 shares, compared to its average volume of 926,003. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 23.25, a P/E/G ratio of 0.89 and a beta of 1.55. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $238.93. The company has a 50-day moving average price of $114.26 and a 200 day moving average price of $151.60.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The firm had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same period in the prior year, the company earned $1.18 EPS. The business's revenue was up 16.5% compared to the same quarter last year. As a group, analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current year.

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.