Truist Financial Corp Takes $625,000 Position in Onto Innovation Inc. $ONTO

Truist Financial Corp bought a new position in shares of Onto Innovation Inc. (NYSE:ONTO) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,836 shares of the semiconductor company’s stock, valued at approximately $625,000.

A number of other hedge funds also recently bought and sold shares of ONTO. Blue Trust Inc. lifted its holdings in Onto Innovation by 2,061.5% in the 3rd quarter. Blue Trust Inc. now owns 281 shares of the semiconductor company’s stock worth $36,000 after buying an additional 268 shares during the period. Harbor Investment Advisory LLC bought a new position in shares of Onto Innovation during the third quarter valued at approximately $37,000. Farther Finance Advisors LLC lifted its stake in Onto Innovation by 76.8% in the third quarter. Farther Finance Advisors LLC now owns 320 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 139 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new stake in Onto Innovation in the third quarter valued at $47,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Onto Innovation during the 3rd quarter valued at $68,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ONTO shares. Needham & Company LLC raised their target price on shares of Onto Innovation from $200.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $126.00 to $180.00 and gave the stock a “hold” rating in a report on Wednesday, January 14th. Evercore upped their target price on Onto Innovation from $115.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, November 4th. Jefferies Financial Group increased their target price on Onto Innovation from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Zacks Research upgraded Onto Innovation from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Onto Innovation currently has a consensus rating of “Moderate Buy” and an average price target of $193.75.

Onto Innovation Stock Performance

Shares of ONTO opened at $222.34 on Thursday. Onto Innovation Inc. has a fifty-two week low of $85.88 and a fifty-two week high of $229.87. The firm’s 50-day simple moving average is $184.17 and its two-hundred day simple moving average is $143.94. The stock has a market cap of $10.90 billion, a PE ratio of 62.81, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

About Onto Innovation

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.