Principal Financial Group Inc. Acquires 34,567 Shares of Onto Innovation Inc. $ONTO

Principal Financial Group Inc. grew its holdings in Onto Innovation Inc. (NYSE:ONTO) by 31.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,532 shares of the semiconductor company’s stock after buying an additional 34,567 shares during the period. Principal Financial Group Inc. owned approximately 0.30% of Onto Innovation worth $18,806,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. grew its position in Onto Innovation by 2,061.5% in the third quarter. Blue Trust Inc. now owns 281 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 268 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in Onto Innovation during the third quarter valued at approximately $37,000. Farther Finance Advisors LLC lifted its stake in shares of Onto Innovation by 76.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 320 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 139 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Onto Innovation in the 3rd quarter worth approximately $47,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Onto Innovation by 206.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 577 shares of the semiconductor company’s stock valued at $58,000 after purchasing an additional 389 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of analyst reports. B. Riley Financial raised their price target on Onto Innovation from $180.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Needham & Company LLC raised their target price on shares of Onto Innovation from $200.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Evercore upped their price target on shares of Onto Innovation from $115.00 to $160.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $126.00 to $180.00 and gave the stock a “hold” rating in a research note on Wednesday, January 14th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $170.00 target price on shares of Onto Innovation in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $193.75.

Onto Innovation Price Performance

Onto Innovation stock opened at $208.81 on Monday. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of 58.99, a price-to-earnings-growth ratio of 1.15 and a beta of 1.49. Onto Innovation Inc. has a 1 year low of $85.88 and a 1 year high of $227.07. The firm has a 50-day moving average of $180.28 and a two-hundred day moving average of $141.74.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, November 6th. The semiconductor company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. The business had revenue of $218.19 million for the quarter, compared to analyst estimates of $220.23 million. Onto Innovation had a net margin of 17.46% and a return on equity of 13.11%. The company’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period last year, the company posted $1.34 earnings per share. Research analysts expect that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

About Onto Innovation

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.