T. Rowe Price Investment Management Inc. Cuts Stake in Onto Innovation Inc. (NYSE:ONTO)

T. Rowe Price Investment Management Inc. decreased its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 77.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,161 shares of the semiconductor company's stock after selling 457,917 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.27% of Onto Innovation worth $22,361,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of ONTO. 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 in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Onto Innovation by 9.2% during the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock valued at $365,380,000 after buying an additional 183,839 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 in the last quarter. Artisan Partners Limited Partnership raised its position in Onto Innovation by 41.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after buying an additional 444,860 shares during the last quarter. Finally, Invesco Ltd. lifted its stake 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 acquiring an additional 356,161 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Shares of Onto Innovation stock traded down $0.30 during trading hours on Wednesday, reaching $121.98. The company had a trading volume of 962,628 shares, compared to its average volume of 802,603. Onto Innovation Inc. has a one year low of $98.21 and a one year high of $238.93. The firm has a market cap of $5.96 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. The business has a fifty day simple moving average of $128.65 and a 200 day simple moving average of $164.74.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ONTO. Cantor Fitzgerald reissued an "overweight" rating and set a $250.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Stifel Nicolaus reduced their price objective on Onto Innovation from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC reissued a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, February 7th. Jefferies Financial Group decreased their price objective 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. Finally, StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $218.13.

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.