Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Paradigm Capital Management Inc. NY

Paradigm Capital Management Inc. NY trimmed its holdings in Onto Innovation Inc. (NYSE:ONTO) by 3.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,110,189 shares of the semiconductor company’s stock after selling 40,000 shares during the quarter. Onto Innovation comprises 11.1% of Paradigm Capital Management Inc. NY’s portfolio, making the stock its biggest holding. Paradigm Capital Management Inc. NY owned about 2.25% of Onto Innovation worth $243,753,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Onto Innovation by 64.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock worth $144,779,000 after purchasing an additional 371,641 shares in the last quarter. Natixis Advisors LLC boosted its position 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 last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Onto Innovation by 28.5% in 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 buying an additional 189,769 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Onto Innovation by 58.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock worth $85,118,000 after acquiring an additional 174,010 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in shares of Onto Innovation during the first quarter valued at $29,420,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $200.52 on Tuesday. Onto Innovation Inc. has a 52-week low of $108.98 and a 52-week high of $238.93. The stock has a market cap of $9.88 billion, a P/E ratio of 71.36 and a beta of 1.37. The firm has a 50 day moving average price of $195.95 and a 200 day moving average price of $201.95.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results 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 analyst estimates of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm’s revenue was up 27.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 EPS. Analysts predict that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction that occurred on 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 approximately $3,326,202. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. B. Riley increased their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Stifel Nicolaus lifted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $259.00.

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.