Voloridge Investment Management LLC Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Voloridge Investment Management LLC acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,625 shares of the semiconductor company's stock, valued at approximately $3,104,000.

Other hedge funds have also recently added to or reduced their stakes in the company. iSAM Funds UK Ltd acquired a new position in shares of Onto Innovation during the fourth quarter valued at $328,000. Vident Advisory LLC boosted its holdings in shares of Onto Innovation by 19.8% during the fourth quarter. Vident Advisory LLC now owns 1,361 shares of the semiconductor company's stock valued at $227,000 after acquiring an additional 225 shares during the period. Tidal Investments LLC acquired a new position in shares of Onto Innovation during the fourth quarter valued at $8,374,000. State of Wyoming boosted its holdings in shares of Onto Innovation by 40.6% during the fourth quarter. State of Wyoming now owns 2,820 shares of the semiconductor company's stock valued at $470,000 after acquiring an additional 815 shares during the period. Finally, Thornburg Investment Management Inc. boosted its holdings in shares of Onto Innovation by 30.8% during the fourth quarter. Thornburg Investment Management Inc. now owns 38,181 shares of the semiconductor company's stock valued at $6,364,000 after acquiring an additional 8,992 shares during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Price Performance

Shares of NYSE ONTO traded down $3.05 during midday trading on Friday, reaching $91.99. 1,558,209 shares of the company traded hands, compared to its average volume of 934,419. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $238.93. The stock has a 50-day moving average price of $113.34 and a 200 day moving average price of $151.05. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 22.66, a PEG ratio of 0.89 and a beta of 1.55.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus reduced their price target on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wall Street Zen raised shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Needham & Company LLC reduced their price target 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. Cantor Fitzgerald restated a "neutral" rating and set a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a research note on Monday, May 5th. Finally, Jefferies Financial Group set a $110.00 price objective on shares of Onto Innovation and gave the company a "hold" rating in a research note on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $167.86.

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.