Harmony Asset Management LLC Reduces Position in Onto Innovation Inc. (NYSE:ONTO)

Harmony Asset Management LLC reduced its stake in Onto Innovation Inc. (NYSE:ONTO) by 8.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,496 shares of the semiconductor company’s stock after selling 136 shares during the period. Harmony Asset Management LLC’s holdings in Onto Innovation were worth $311,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vaughan Nelson Investment Management L.P. lifted its holdings in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after acquiring an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after buying an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in shares of Onto Innovation by 45.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after purchasing an additional 33,025 shares during the period. Swedbank AB increased its position in Onto Innovation by 372.7% during the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company’s stock worth $13,701,000 after purchasing an additional 49,200 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Onto Innovation in the 3rd quarter worth about $14,539,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

Shares of ONTO opened at $170.85 on Tuesday. The firm has a market cap of $8.44 billion, a PE ratio of 46.30, a price-to-earnings-growth ratio of 1.05 and a beta of 1.30. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93. The business’s 50 day moving average price is $190.42 and its two-hundred day moving average price is $202.30.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. Research analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Needham & Company LLC dropped their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer lifted their target price on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group cut their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation 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.