VELA Investment Management LLC Increases Stock Position in Onto Innovation Inc. (NYSE:ONTO)

VELA Investment Management LLC increased its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 102.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,408 shares of the semiconductor company's stock after acquiring an additional 4,763 shares during the period. VELA Investment Management LLC's holdings in Onto Innovation were worth $1,142,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTO. Vanguard Group Inc. lifted its stake in Onto Innovation by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after purchasing an additional 76,233 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Onto Innovation by 9.2% in the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock worth $365,380,000 after purchasing an additional 183,839 shares during the last quarter. Franklin Resources Inc. lifted its stake in Onto Innovation by 21.2% in the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after purchasing an additional 271,470 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in Onto Innovation by 41.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after purchasing an additional 444,860 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Onto Innovation by 33.9% in the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after purchasing an additional 356,161 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Trading Down 1.7%

NYSE ONTO traded down $1.77 during trading on Friday, hitting $101.63. The company had a trading volume of 698,963 shares, compared to its average volume of 975,710. Onto Innovation Inc. has a one year low of $85.88 and a one year high of $238.93. The company has a market cap of $4.96 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 0.68 and a beta of 1.45. The company's fifty day moving average is $101.89 and its 200-day moving average is $138.79.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly 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 21.36% and a return on equity of 14.85%. The company had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same quarter in the previous year, the company earned $1.18 earnings per share. Onto Innovation's quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Benchmark lowered their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Cantor Fitzgerald dropped their price target on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, June 24th. Oppenheimer decreased their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Needham & Company LLC dropped their target price on shares of Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Stifel Nicolaus cut their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Three research 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 company presently has an average rating of "Moderate Buy" and an average price target of $141.67.

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.