Onto Innovation Inc. (NYSE:ONTO) Shares Bought by Deepwater Asset Management LLC

Deepwater Asset Management LLC grew its position in Onto Innovation Inc. (NYSE:ONTO) by 626.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,073 shares of the semiconductor company’s stock after purchasing an additional 55,254 shares during the period. Onto Innovation makes up approximately 5.1% of Deepwater Asset Management LLC’s holdings, making the stock its 10th largest holding. Deepwater Asset Management LLC owned approximately 0.13% of Onto Innovation worth $14,068,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mount Yale Investment Advisors LLC raised its holdings in Onto Innovation by 7.1% in the second quarter. Mount Yale Investment Advisors LLC now owns 1,773 shares of the semiconductor company’s stock valued at $389,000 after buying an additional 117 shares during the period. Sei Investments Co. increased its position in shares of Onto Innovation by 24.6% in the second quarter. Sei Investments Co. now owns 178,984 shares of the semiconductor company’s stock worth $39,298,000 after acquiring an additional 35,356 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Onto Innovation by 1.7% in the 2nd quarter. Pacer Advisors Inc. now owns 13,573 shares of the semiconductor company’s stock valued at $2,980,000 after acquiring an additional 232 shares during the period. Public Employees Retirement Association of Colorado raised its stake in shares of Onto Innovation by 45.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after acquiring an additional 33,025 shares during the period. Finally, MQS Management LLC acquired a new position in shares of Onto Innovation during the 2nd quarter valued at $430,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Down 1.6 %

ONTO stock opened at $199.91 on Friday. The stock’s 50 day moving average is $196.52 and its two-hundred day moving average is $201.84. Onto Innovation Inc. has a 52-week low of $108.98 and a 52-week high of $238.93. The company has a market capitalization of $9.85 billion, a PE ratio of 71.14 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million during the quarter, compared to analyst estimates of $235.43 million. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The business’s revenue was up 27.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value 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 $3,326,202. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

ONTO has been the subject of several recent research reports. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. Stifel Nicolaus increased their target price on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. B. Riley boosted their price target on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $259.00.

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.