Freestone Grove Partners LP Takes Position in Onto Innovation Inc. (NYSE:ONTO)

Freestone Grove Partners LP acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 58,208 shares of the semiconductor company's stock, valued at approximately $9,702,000. Freestone Grove Partners LP owned approximately 0.12% of Onto Innovation at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in Onto Innovation by 22.8% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company's stock valued at $66,000 after buying an additional 74 shares during the last quarter. Bridge City Capital LLC raised its position in shares of Onto Innovation by 1.0% in the 4th quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company's stock valued at $1,361,000 after purchasing an additional 78 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Onto Innovation by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company's stock worth $256,000 after purchasing an additional 81 shares in the last quarter. Hunter Perkins Capital Management LLC grew its position in Onto Innovation by 3.9% during the 4th quarter. Hunter Perkins Capital Management LLC now owns 2,415 shares of the semiconductor company's stock worth $403,000 after purchasing an additional 90 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. increased its stake in Onto Innovation by 9.5% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 1,150 shares of the semiconductor company's stock valued at $191,000 after purchasing an additional 100 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Stifel Nicolaus dropped their price target 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. Jefferies Financial Group reduced their price objective on Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, March 28th. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Thursday, February 27th. Finally, 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.75.

Onto Innovation Stock Performance

Shares of ONTO traded down $2.79 during trading hours on Monday, hitting $124.31. The stock had a trading volume of 716,142 shares, compared to its average volume of 806,822. The firm has a 50-day moving average price of $126.68 and a 200 day moving average price of $162.58. Onto Innovation Inc. has a fifty-two week low of $98.21 and a fifty-two week high of $238.93. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 0.89 and a beta of 1.46.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, 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.