SummitTX Capital L.P. Sells 71,787 Shares of Onto Innovation Inc. $ONTO

SummitTX Capital L.P. lessened its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 74.3% during the first quarter, Holdings Channel reports. The firm owned 24,846 shares of the semiconductor company’s stock after selling 71,787 shares during the quarter. SummitTX Capital L.P.’s holdings in Onto Innovation were worth $5,095,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ONTO. Root Financial Partners LLC raised its position 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 grew its position in shares of 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 last quarter. Millstone Evans Group LLC grew its position in shares of Onto Innovation by 147.8% in 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 increased its stake in shares of Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 128 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Onto Innovation during the fourth quarter valued at approximately $39,000. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO stock opened at $261.74 on Tuesday. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $386.46. The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of 122.31, a price-to-earnings-growth ratio of 1.11 and a beta of 1.55. The business’s 50 day moving average price is $296.50 and its two-hundred day moving average price is $252.23.

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $350.00 price target on shares of Onto Innovation in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Onto Innovation in a report on Friday, June 5th. They issued a “buy” rating and a $350.00 price target on the stock. Freedom Capital upgraded shares of Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Cantor Fitzgerald raised their target price on shares of Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Finally, Stifel Nicolaus set a $350.00 target price on shares of Onto Innovation and gave the company a “buy” rating in a research note on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation currently has an average rating of “Buy” and a consensus price target of $339.60.

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.