Fisher Asset Management LLC Cuts Position in Onto Innovation Inc. (NYSE:ONTO)

Fisher Asset Management LLC trimmed its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 21.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 816,840 shares of the semiconductor company's stock after selling 219,049 shares during the period. Fisher Asset Management LLC owned about 1.66% of Onto Innovation worth $124,895,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Heritage Wealth Management LLC purchased a new position in Onto Innovation during the 4th quarter valued at about $287,000. New York Life Investment Management LLC raised its position in shares of Onto Innovation by 133.8% during the 4th quarter. New York Life Investment Management LLC now owns 9,456 shares of the semiconductor company's stock worth $1,446,000 after purchasing an additional 5,411 shares during the last quarter. WealthTrust Axiom LLC lifted its stake in Onto Innovation by 26.6% in the 4th quarter. WealthTrust Axiom LLC now owns 2,866 shares of the semiconductor company's stock valued at $438,000 after buying an additional 603 shares in the last quarter. Retirement Systems of Alabama acquired a new stake in Onto Innovation during the 4th quarter valued at $9,399,000. Finally, Russell Investments Group Ltd. increased its position in Onto Innovation by 53.0% during the fourth quarter. Russell Investments Group Ltd. now owns 58,567 shares of the semiconductor company's stock worth $8,955,000 after buying an additional 20,285 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Performance

Shares of ONTO traded up $5.11 during trading hours on Friday, hitting $200.82. The stock had a trading volume of 636,730 shares, compared to its average volume of 429,785. Onto Innovation Inc. has a 12-month low of $80.17 and a 12-month high of $204.39. The firm has a market cap of $9.87 billion, a P/E ratio of 81.63 and a beta of 1.40. The company's fifty day simple moving average is $183.42 and its 200 day simple moving average is $158.42.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The company had revenue of $219.00 million during the quarter, compared to the consensus estimate of $209.06 million. During the same period in the previous year, the firm earned $1.57 earnings per share. Onto Innovation's revenue for the quarter was down 13.5% on a year-over-year basis. As a group, sell-side analysts predict that Onto Innovation Inc. will post 4.7 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In related news, Director David Brian Miller sold 2,800 shares of Onto Innovation stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the sale, the director now owns 9,008 shares of the company's stock, valued at approximately $1,535,773.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director David Brian Miller sold 2,800 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the completion of the sale, the director now owns 9,008 shares of the company's stock, valued at $1,535,773.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Yoon Ah Oh sold 2,685 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the completion of the sale, the vice president now owns 16,598 shares in the company, valued at approximately $2,887,388.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of recent research reports. Evercore ISI initiated coverage on shares of Onto Innovation in a report on Tuesday, April 16th. They set an "outperform" rating and a $235.00 price target for the company. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a report on Monday, February 12th. Benchmark raised their price objective on Onto Innovation from $145.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, February 9th. B. Riley upped their target price on Onto Innovation from $195.00 to $205.00 and gave the company a "buy" rating in a research note on Friday, February 9th. Finally, Stifel Nicolaus raised their price target on Onto Innovation from $188.00 to $215.00 and gave the stock a "buy" rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Onto Innovation presently has an average rating of "Moderate Buy" and an average target price of $191.60.

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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