Allspring Global Investments Holdings LLC Acquires 88,388 Shares of Onto Innovation Inc. $ONTO

Allspring Global Investments Holdings LLC boosted its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 32.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 359,998 shares of the semiconductor company’s stock after buying an additional 88,388 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.72% of Onto Innovation worth $76,219,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in shares of Onto Innovation by 312.5% during the 1st quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock worth $500,000 after buying an additional 3,122 shares during the period. Goldman Sachs Group Inc. increased its holdings in Onto Innovation by 76.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock valued at $58,517,000 after buying an additional 208,907 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Onto Innovation by 8.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock valued at $19,810,000 after buying an additional 13,175 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Onto Innovation by 6.3% in the 2nd quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock valued at $405,000 after buying an additional 238 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Onto Innovation by 182.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock valued at $666,000 after purchasing an additional 4,283 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Price Performance

Shares of ONTO stock opened at $279.05 on Friday. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $386.46. The stock has a market capitalization of $13.88 billion, a PE ratio of 130.40, a P/E/G ratio of 1.15 and a beta of 1.55. The business has a 50-day moving average of $295.47 and a 200 day moving average of $246.75.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. During the same period in the previous year, the firm earned $1.51 earnings per share. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts anticipate that Onto Innovation Inc. will post 7.14 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on ONTO shares. Oppenheimer lifted their target price on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Onto Innovation in a research report on Friday, June 5th. They set a “buy” rating and a $350.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Finally, Stifel Nicolaus set a $350.00 price target on shares of Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Onto Innovation has a consensus rating of “Buy” and an average target price of $339.60.

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.