Sherbrooke Park Advisers LLC Takes Position in Onto Innovation Inc. (NYSE:ONTO)

Sherbrooke Park Advisers LLC acquired a new stake 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 5,614 shares of the semiconductor company's stock, valued at approximately $936,000.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Onto Innovation by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after purchasing an additional 76,233 shares during the period. JPMorgan Chase & Co. increased its position in Onto Innovation by 9.2% during the 4th quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock worth $365,380,000 after purchasing an additional 183,839 shares in the last quarter. Franklin Resources Inc. grew its stake in Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after buying an additional 271,470 shares during the period. Artisan Partners Limited Partnership raised its stake in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after purchasing an additional 444,860 shares during the period. Finally, Invesco Ltd. grew its holdings in Onto Innovation by 33.9% during the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after purchasing an additional 356,161 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several analyst reports. Jefferies Financial Group lowered shares of Onto Innovation from a "buy" rating to a "hold" rating and dropped their price target for the company from $135.00 to $110.00 in a research note on Tuesday. Benchmark lowered their price objective on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Cantor Fitzgerald reissued 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. Oppenheimer dropped their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $167.86.

Onto Innovation Price Performance

Shares of NYSE ONTO traded down $1.46 during midday trading on Wednesday, hitting $95.79. The stock had a trading volume of 676,685 shares, compared to its average volume of 1,242,468. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $238.93. The firm has a market cap of $4.68 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 0.89 and a beta of 1.55. The company's 50-day simple moving average is $119.45 and its 200 day simple moving average is $154.83.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.04. The company had revenue of $267.00 million during the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. Equities analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

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.