ING Groep NV Invests $11.89 Million in Onto Innovation Inc. (NYSE:ONTO)

ING Groep NV acquired a new position in shares of Onto Innovation Inc. (NYSE:ONTO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 57,300 shares of the semiconductor company’s stock, valued at approximately $11,893,000. ING Groep NV owned about 0.12% of Onto Innovation as of its most recent filing with the Securities and Exchange Commission.

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

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ONTO has been the subject of several recent analyst reports. Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Needham & Company LLC lowered their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group cut their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Price Performance

Shares of ONTO stock opened at $164.75 on Friday. The company has a market cap of $8.14 billion, a PE ratio of 44.65, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Onto Innovation Inc. has a 1 year low of $131.78 and a 1 year high of $238.93. The stock’s 50 day simple moving average is $197.60 and its two-hundred day simple moving average is $206.45.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same period last year, the firm earned $0.96 earnings per share. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. Equities research analysts expect that Onto Innovation Inc. will post 5.19 EPS for the current year.

Onto Innovation Company 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.