Port Capital LLC Raises Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Port Capital LLC raised its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 1.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 216,646 shares of the semiconductor company's stock after purchasing an additional 2,475 shares during the period. Onto Innovation accounts for about 1.6% of Port Capital LLC's investment portfolio, making the stock its 28th biggest holding. Port Capital LLC owned approximately 0.44% of Onto Innovation worth $36,108,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Commonwealth Equity Services LLC boosted its stake in shares of Onto Innovation by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 16,083 shares of the semiconductor company's stock worth $2,680,000 after acquiring an additional 225 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company's stock worth $416,863,000 after acquiring an additional 228,800 shares during the period. Barclays PLC boosted its stake in shares of Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company's stock worth $45,079,000 after acquiring an additional 201,640 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Onto Innovation by 40.2% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 140,455 shares of the semiconductor company's stock worth $23,410,000 after acquiring an additional 40,290 shares during the period. Finally, Argent Capital Management LLC bought a new position in shares of Onto Innovation in the fourth quarter worth about $437,000. Institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Performance

ONTO stock traded up $1.25 during midday trading on Friday, reaching $99.29. 1,140,537 shares of the company traded hands, compared to its average volume of 899,710. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $238.93. The business has a 50 day moving average of $120.86 and a 200-day moving average of $156.06. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 24.46, a P/E/G 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The business had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period in the prior year, the business posted $1.18 earnings per share. The company's quarterly revenue was up 16.5% compared to the same quarter last year. Research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ONTO shares. Stifel Nicolaus decreased their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday. Cantor Fitzgerald reiterated a "neutral" rating and issued a $135.00 target price (down from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Needham & Company LLC decreased their target price on Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Oppenheimer decreased their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $177.14.

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.