Norges Bank Takes Position in Onto Innovation Inc. $ONTO

Norges Bank bought a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 664,755 shares of the semiconductor company’s stock, valued at approximately $104,938,000. Norges Bank owned about 1.36% of Onto Innovation as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its holdings in Onto Innovation by 1.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,059 shares of the semiconductor company’s stock valued at $654,000 after acquiring an additional 93 shares during the period. Westside Investment Management Inc. lifted its holdings in shares of Onto Innovation by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company’s stock worth $27,000 after buying an additional 99 shares during the period. Blue Trust Inc. lifted its holdings in shares of Onto Innovation by 44.5% in the 4th quarter. Blue Trust Inc. now owns 406 shares of the semiconductor company’s stock worth $64,000 after buying an additional 125 shares during the period. Harbor Investment Advisory LLC lifted its holdings in shares of Onto Innovation by 48.1% in the 4th quarter. Harbor Investment Advisory LLC now owns 419 shares of the semiconductor company’s stock worth $66,000 after buying an additional 136 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Onto Innovation by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 15,486 shares of the semiconductor company’s stock worth $2,001,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $252.75 on Friday. The stock has a market capitalization of $12.57 billion, a P/E ratio of 118.11, a price-to-earnings-growth ratio of 1.30 and a beta of 1.62. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $316.00. The business has a fifty day moving average price of $262.06 and a 200 day moving average price of $212.14.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 7.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on ONTO shares. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Needham & Company LLC upped their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Onto Innovation in a report on Friday. They issued a “buy” rating and a $350.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $315.00.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.