Geode Capital Management LLC Acquires 352,316 Shares of Onto Innovation Inc. $ONTO

Geode Capital Management LLC increased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 45.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,127,532 shares of the semiconductor company’s stock after acquiring an additional 352,316 shares during the quarter. Geode Capital Management LLC’s holdings in Onto Innovation were worth $178,024,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ONTO. NewEdge Advisors LLC lifted its holdings in Onto Innovation by 312.5% during the first quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock worth $500,000 after acquiring an additional 3,122 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Onto Innovation by 76.4% during the first quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock worth $58,517,000 after acquiring an additional 208,907 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Onto Innovation by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock worth $19,810,000 after acquiring an additional 13,175 shares during the period. Cetera Investment Advisers lifted its holdings in Onto Innovation by 6.3% during the second quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock worth $405,000 after acquiring an additional 238 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Onto Innovation by 182.4% during the second quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock worth $666,000 after acquiring an additional 4,283 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Price Performance

NYSE:ONTO opened at $280.76 on Thursday. The business has a fifty day simple moving average of $260.31 and a two-hundred day simple moving average of $210.82. Onto Innovation Inc. has a 1 year low of $89.40 and a 1 year high of $316.00. The company has a market capitalization of $13.97 billion, a P/E ratio of 131.20, a P/E/G ratio of 1.31 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping 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 business had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same period last year, the business posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts anticipate that Onto Innovation Inc. will post 7.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Jefferies Financial Group reiterated a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a report on Wednesday, May 6th. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Cantor Fitzgerald raised their target price on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Evercore reissued an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. Finally, B. Riley Financial raised their target price on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Onto Innovation currently has a consensus rating of “Buy” and a consensus target price of $310.63.

Onto Innovation 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.