34,857 Onto Innovation Inc. $ONTO Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in Onto Innovation Inc. (NYSE:ONTO) by 50.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,294 shares of the semiconductor company’s stock after purchasing an additional 34,857 shares during the period. Retirement Systems of Alabama owned about 0.21% of Onto Innovation worth $31,796,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fulcrum Asset Management LLP grew its holdings in Onto Innovation by 282.7% in the third quarter. Fulcrum Asset Management LLP now owns 3,096 shares of the semiconductor company’s stock valued at $943,000 after purchasing an additional 2,287 shares during the last quarter. Formidable Asset Management LLC purchased a new position in shares of Onto Innovation in the third quarter valued at $858,000. Parallel Advisors LLC raised its stake in shares of Onto Innovation by 26.4% during the 3rd quarter. Parallel Advisors LLC now owns 526 shares of the semiconductor company’s stock worth $162,000 after buying an additional 110 shares during the last quarter. Kestra Advisory Services LLC raised its stake in shares of Onto Innovation by 80.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 2,274 shares of the semiconductor company’s stock worth $700,000 after buying an additional 1,011 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Onto Innovation by 19.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 2,083 shares of the semiconductor company’s stock worth $641,000 after buying an additional 336 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Onto Innovation news, Director David Miller sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the director directly owned 10,692 shares in the company, valued at approximately $3,207,600. This represents a 15.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan Lynch sold 1,000 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the completion of the transaction, the director owned 2,684 shares in the company, valued at approximately $811,373.20. This trade represents a 27.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.51% of the company’s stock.

Trending Headlines about Onto Innovation

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Q3 revenue reached a record $409.75 million, up 88% year over year, while adjusted EPS of $2.44 beat the $2.30 consensus. Revenue, operating margin and EPS also exceeded the high end of the company’s prior guidance. Onto Innovation Q3 results
• Positive Sentiment: ONTO forecast Q4 revenue of $430 million to $450 million and EPS of $2.59 to $2.79, both above analyst estimates. Its reported backlog of more than $1.3 billion adds visibility to demand. Q4 outlook and backlog
• Neutral Sentiment: Despite the target reductions, Jefferies, Morgan Stanley, RBC and B. Riley maintained favorable ratings—buy, overweight or outperform—indicating continued confidence in the company’s prospects. Jefferies analyst recommendations
• Negative Sentiment: Those firms lowered their price targets: Jefferies and RBC to $350, Morgan Stanley to $325 and B. Riley to $285. The cuts may signal more cautious assumptions or valuation concerns, even as the firms retained positive ratings. Morgan Stanley analyst recommendations

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Onto Innovation in a research note on Tuesday, October 20th. Zacks Research downgraded shares of Onto Innovation from a “strong-buy” rating to a “hold” rating in a report on Friday, November 6th. Jefferies Financial Group dropped their target price on shares of Onto Innovation from $400.00 to $350.00 and set a “buy” rating for the company in a report on Tuesday. Evercore restated an “outperform” rating and set a $390.00 target price on shares of Onto Innovation in a research report on Friday, August 7th. Finally, Needham & Company LLC reduced their price target on shares of Onto Innovation from $360.00 to $285.00 and set a “buy” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $354.55.

Onto Innovation Stock Performance

Onto Innovation stock opened at $197.41 on Wednesday. Onto Innovation Inc. has a fifty-two week low of $121.57 and a fifty-two week high of $386.46. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 0.63 and a beta of 1.66. The stock has a fifty day moving average of $250.73 and a two-hundred day moving average of $259.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 8.33 and a current ratio of 9.73.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Monday, November 9th. The semiconductor company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.14. The business had revenue of $409.75 million for the quarter, compared to the consensus estimate of $392.08 million. Onto Innovation had a return on equity of 17.03% and a net margin of 11.53%. The business’s revenue was up 87.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 earnings per share. On average, analysts anticipate that Onto Innovation Inc. will post 8.04 EPS for the current fiscal year.

About Onto Innovation

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects. The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.