Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management trimmed its stake in Onto Innovation Inc. (NYSE:ONTO) by 99.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 324 shares of the semiconductor company’s stock after selling 49,731 shares during the quarter. Picton Mahoney Asset Management’s holdings in Onto Innovation were worth $39,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. First National Advisers LLC acquired a new stake in shares of Onto Innovation in the first quarter valued at about $336,000. LPL Financial LLC lifted its holdings in Onto Innovation by 20.1% during the 1st quarter. LPL Financial LLC now owns 42,849 shares of the semiconductor company’s stock worth $4,989,000 after buying an additional 7,177 shares during the last quarter. FourThought Financial Partners LLC bought a new position in Onto Innovation during the 1st quarter worth approximately $201,000. HB Wealth Management LLC raised its position in shares of Onto Innovation by 45.7% during the 1st quarter. HB Wealth Management LLC now owns 1,899 shares of the semiconductor company’s stock worth $230,000 after purchasing an additional 596 shares during the period. Finally, Oak Thistle LLC acquired a new stake in shares of Onto Innovation during the 1st quarter worth approximately $1,540,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Stock Performance

Onto Innovation stock opened at $94.62 on Friday. The business’s 50-day simple moving average is $98.08 and its 200-day simple moving average is $128.60. The firm has a market capitalization of $4.62 billion, a PE ratio of 21.41, a PEG ratio of 0.67 and a beta of 1.45. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $228.42.

Onto Innovation (NYSE:ONTO) last issued its quarterly 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. The firm had revenue of $267.00 million for the quarter, compared to analyst estimates of $267.03 million. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 earnings per share. Research analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Stifel Nicolaus dropped their price target on Onto Innovation from $200.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald dropped their price target on Onto Innovation from $110.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 24th. 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 research report on Friday, May 9th. Jefferies Financial Group set a $110.00 price target on Onto Innovation and gave the stock a “hold” rating in a research report on Tuesday, May 20th. Finally, Benchmark dropped their price target on Onto Innovation from $230.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus price target of $141.67.

Onto Innovation Company Profile

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.