Renaissance Technologies LLC Decreases Stake in Onto Innovation Inc. (NYSE:ONTO)

Renaissance Technologies LLC lessened its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 80.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,600 shares of the semiconductor company's stock after selling 14,374 shares during the period. Renaissance Technologies LLC's holdings in Onto Innovation were worth $600,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Bank of Nova Scotia boosted its position in Onto Innovation by 27.9% in the 4th quarter. Bank of Nova Scotia now owns 26,869 shares of the semiconductor company's stock valued at $4,478,000 after buying an additional 5,869 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Onto Innovation by 33.9% during the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after acquiring an additional 356,161 shares during the period. Federated Hermes Inc. boosted its holdings in Onto Innovation by 20.5% in the fourth quarter. Federated Hermes Inc. now owns 8,566 shares of the semiconductor company's stock valued at $1,428,000 after acquiring an additional 1,455 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Onto Innovation in the fourth quarter worth about $47,000. Finally, Russell Investments Group Ltd. raised its holdings in Onto Innovation by 13.7% during the 4th quarter. Russell Investments Group Ltd. now owns 13,622 shares of the semiconductor company's stock worth $2,270,000 after purchasing an additional 1,640 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Onto Innovation Price Performance

Onto Innovation stock traded down $0.15 during mid-day trading on Wednesday, reaching $122.27. 373,267 shares of the company were exchanged, compared to its average volume of 805,937. The company has a fifty day simple moving average of $125.63 and a 200-day simple moving average of $161.71. The firm has a market cap of $5.97 billion, a PE ratio of 30.08, a PEG ratio of 0.89 and a beta of 1.55. Onto Innovation Inc. has a 12 month low of $98.21 and a 12 month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. Sell-side analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several recent research reports. Benchmark reaffirmed a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Jefferies Financial Group lowered their target price on shares of Onto Innovation from $245.00 to $175.00 and set a "buy" rating for the company in a report on Friday, March 28th. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, February 7th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $135.00 target price (down previously from $250.00) on shares of Onto Innovation in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $203.75.

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.