Principal Financial Group Inc. Sells 42,254 Shares of Onto Innovation Inc. $ONTO

Principal Financial Group Inc. decreased its holdings in Onto Innovation Inc. (NYSE:ONTO) by 22.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,555 shares of the semiconductor company’s stock after selling 42,254 shares during the period. Principal Financial Group Inc. owned about 0.29% of Onto Innovation worth $29,644,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Root Financial Partners LLC grew its stake in Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 74 shares during the last quarter. Transamerica Financial Advisors LLC increased its holdings in Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after buying an additional 115 shares during the period. Millstone Evans Group LLC raised its position in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in Onto Innovation by 109.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after buying an additional 128 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Onto Innovation during the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ONTO. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Oppenheimer boosted their target price on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Morgan Stanley initiated coverage on shares of Onto Innovation in a report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price target on the stock. Needham & Company LLC increased their price target on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Freedom Capital raised Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $339.60.

Onto Innovation Trading Down 0.3%

Shares of ONTO opened at $279.05 on Monday. The firm has a market cap of $13.88 billion, a P/E ratio of 130.40, a PEG ratio of 1.14 and a beta of 1.55. Onto Innovation Inc. has a 12 month low of $89.40 and a 12 month high of $386.46. The stock’s 50 day moving average is $295.47 and its two-hundred day moving average is $247.37.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 EPS. Equities research analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current year.

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.