Hood River Capital Management LLC Decreases Holdings in Onto Innovation Inc. (NYSE:ONTO)

Hood River Capital Management LLC reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 43.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382,630 shares of the semiconductor company’s stock after selling 289,600 shares during the period. Onto Innovation comprises 1.7% of Hood River Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Hood River Capital Management LLC owned approximately 0.78% of Onto Innovation worth $84,010,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ONTO. Norges Bank purchased a new stake in shares of Onto Innovation in the fourth quarter valued at about $89,785,000. Price T Rowe Associates Inc. MD grew its holdings in Onto Innovation by 64.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after buying an additional 371,641 shares during the last quarter. Natixis Advisors LLC increased its position in Onto Innovation by 379.8% during the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after buying an additional 194,056 shares in the last quarter. Massachusetts Financial Services Co. MA raised 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 acquiring an additional 189,769 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Onto Innovation by 58.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock valued at $85,118,000 after acquiring an additional 174,010 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Stock Performance

Onto Innovation stock opened at $199.91 on Monday. Onto Innovation Inc. has a 1 year low of $108.98 and a 1 year high of $238.93. The firm has a 50 day moving average price of $196.52 and a 200 day moving average price of $201.92. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 71.14 and a beta of 1.37.

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

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

ONTO has been the subject of several analyst reports. Stifel Nicolaus boosted 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. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, B. Riley lifted their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Onto Innovation has an average 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.