VELA Investment Management LLC Sells 2,112 Shares of Onto Innovation Inc. $ONTO

Key Points

• VELA Investment Management LLC reduced its stake in Onto Innovation Inc. by 22.4%, selling 2,112 shares during the second quarter, leaving it with 7,296 shares valued at approximately $736,000.
• Analysts have mixed opinions on Onto Innovation, with target prices ranging from $90.00 to $170.00 and a consensus rating of "Moderate Buy", indicating varied investor confidence.
• Onto Innovation reported earnings of $1.25 EPS, slightly below estimates, but its revenue of $253.60 million exceeded expectations, indicating ongoing growth in the semiconductor sector.

VELA Investment Management LLC cut its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 22.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,296 shares of the semiconductor company's stock after selling 2,112 shares during the quarter. VELA Investment Management LLC's holdings in Onto Innovation were worth $736,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC grew its stake in shares of Onto Innovation by 2.9% during the first quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company's stock worth $381,000 after buying an additional 90 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Onto Innovation by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 3,860 shares of the semiconductor company's stock worth $468,000 after buying an additional 98 shares during the last quarter. Peterson Wealth Services grew its stake in shares of Onto Innovation by 2.2% during the first quarter. Peterson Wealth Services now owns 4,585 shares of the semiconductor company's stock worth $556,000 after buying an additional 98 shares during the last quarter. State of Michigan Retirement System grew its stake in shares of Onto Innovation by 0.9% during the first quarter. State of Michigan Retirement System now owns 11,800 shares of the semiconductor company's stock worth $1,432,000 after buying an additional 100 shares during the last quarter. Finally, Berbice Capital Management LLC grew its stake in shares of Onto Innovation by 33.3% during the first quarter. Berbice Capital Management LLC now owns 400 shares of the semiconductor company's stock worth $49,000 after buying an additional 100 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cantor Fitzgerald decreased their target price on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 24th. B. Riley lifted their price target on shares of Onto Innovation from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, October 10th. Benchmark cut their price target on shares of Onto Innovation from $190.00 to $160.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Onto Innovation in a report on Wednesday, October 8th. Finally, Stifel Nicolaus lifted their price target on shares of Onto Innovation from $110.00 to $120.00 and gave the stock a "hold" rating in a report on Monday. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $148.57.

Onto Innovation Stock Up 1.9%

ONTO stock opened at $135.58 on Friday. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 0.91 and a beta of 1.61. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $228.42. The company's fifty day simple moving average is $118.32 and its 200 day simple moving average is $109.26.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its earnings results on Thursday, August 7th. The semiconductor company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.02). The firm had revenue of $253.60 million during the quarter, compared to analyst estimates of $250.56 million. Onto Innovation had a net margin of 19.29% and a return on equity of 14.38%. Onto Innovation's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.32 EPS. Onto Innovation has set its Q3 2025 guidance at 0.750-0.950 EPS. Research analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

About Onto Innovation

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.

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