Onto Innovation Inc. (NYSE:ONTO) Shares Acquired by VELA Investment Management LLC

VELA Investment Management LLC increased its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 85.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,128 shares of the semiconductor company’s stock after acquiring an additional 1,445 shares during the quarter. VELA Investment Management LLC’s holdings in Onto Innovation were worth $649,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in shares of Onto Innovation by 304.9% during the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock worth $98,329,000 after purchasing an additional 337,250 shares during the last quarter. Congress Asset Management Co. boosted its stake in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after buying an additional 295,869 shares during the last quarter. Natixis Advisors LLC grew its holdings in Onto Innovation by 379.8% in the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after buying an additional 194,056 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Onto Innovation by 28.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Onto Innovation during the 3rd quarter worth about $30,418,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Trading Down 11.2 %

NYSE ONTO traded down $22.23 during trading hours on Friday, reaching $176.10. 1,839,738 shares of the company traded hands, compared to its average volume of 568,196. The company has a 50 day moving average of $202.50 and a two-hundred day moving average of $206.56. The stock has a market capitalization of $8.70 billion, a PE ratio of 52.52, a PEG ratio of 1.33 and a beta of 1.36. Onto Innovation Inc. has a 12 month low of $115.07 and a 12 month high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.96 earnings per share. On average, equities research analysts anticipate that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday. Jefferies Financial Group dropped their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday. Stifel Nicolaus upped their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Oppenheimer lifted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by company insiders.

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.