Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 52.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,751 shares of the semiconductor company’s stock after selling 83,595 shares during the period. Assenagon Asset Management S.A. owned approximately 0.15% of Onto Innovation worth $9,192,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ONTO. Handelsbanken Fonder AB lifted its position in Onto Innovation by 22.1% in the first quarter. Handelsbanken Fonder AB now owns 16,000 shares of the semiconductor company’s stock worth $1,941,000 after purchasing an additional 2,900 shares during the period. SG Americas Securities LLC lifted its position in Onto Innovation by 2,012.3% in the first quarter. SG Americas Securities LLC now owns 55,448 shares of the semiconductor company’s stock worth $6,728,000 after purchasing an additional 52,823 shares during the period. GAMMA Investing LLC lifted its position in Onto Innovation by 75.0% in the first quarter. GAMMA Investing LLC now owns 1,069 shares of the semiconductor company’s stock worth $130,000 after purchasing an additional 458 shares during the period. Tealwood Asset Management Inc. acquired a new stake in Onto Innovation in the first quarter worth approximately $840,000. Finally, Hennion & Walsh Asset Management Inc. lifted its position in Onto Innovation by 24.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,741 shares of the semiconductor company’s stock worth $1,061,000 after purchasing an additional 1,690 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Down 5.2%

Shares of NYSE:ONTO opened at $94.78 on Friday. The company’s fifty day moving average is $108.12 and its two-hundred day moving average is $145.89. Onto Innovation Inc. has a 12-month low of $85.88 and a 12-month high of $238.93. The company has a market cap of $4.63 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. During the same period in the previous year, the business earned $1.18 EPS. The company’s revenue was up 16.5% on a year-over-year basis. Equities research analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONTO. Oppenheimer cut their target price on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Wall Street Zen raised Onto Innovation from a “sell” rating to a “hold” rating in a report on Saturday, May 17th. Needham & Company LLC dropped their price target on Onto Innovation from $230.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Benchmark dropped their price target on Onto Innovation from $230.00 to $190.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $135.00 price target (down previously from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $167.86.

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.