Alta Park Capital LP Cuts Stock Position in Onto Innovation Inc. $ONTO

Alta Park Capital LP lessened its holdings in Onto Innovation Inc. (NYSE:ONTO) by 2.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 122,617 shares of the semiconductor company’s stock after selling 3,495 shares during the period. Onto Innovation accounts for approximately 2.3% of Alta Park Capital LP’s holdings, making the stock its 19th biggest position. Alta Park Capital LP’s holdings in Onto Innovation were worth $19,356,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Eagle Rock Investment Company LLC raised its position in shares of Onto Innovation by 99.3% in the fourth quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company’s stock worth $1,584,000 after acquiring an additional 5,000 shares during the period. CWM LLC raised its position in shares of Onto Innovation by 361.2% in the fourth quarter. CWM LLC now owns 20,068 shares of the semiconductor company’s stock worth $3,168,000 after acquiring an additional 15,717 shares during the period. AI Squared Management Ltd acquired a new position in shares of Onto Innovation in the third quarter worth about $7,792,000. Fisher Asset Management LLC raised its position in shares of Onto Innovation by 22.1% in the third quarter. Fisher Asset Management LLC now owns 656,002 shares of the semiconductor company’s stock worth $84,769,000 after acquiring an additional 118,642 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Onto Innovation in the third quarter worth about $3,436,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ONTO. B. Riley Financial upped their price target on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Onto Innovation in a research report on Friday, June 5th. They set a “buy” rating and a $350.00 price target for the company. Morgan Stanley began coverage on shares of Onto Innovation in a research report on Sunday. They set an “overweight” rating and a $371.00 price target for the company. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $320.60.

Onto Innovation Stock Performance

NYSE:ONTO opened at $319.19 on Thursday. The stock has a market capitalization of $15.88 billion, a P/E ratio of 149.16, a PEG ratio of 1.29 and a beta of 1.62. The company has a 50 day moving average price of $276.96 and a 200 day moving average price of $222.27. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $348.76.

Onto Innovation (NYSE:ONTO) last posted 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 net margin of 10.32% and a return on equity of 11.68%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Research analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal 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.