Telemark Asset Management LLC Lowers Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Telemark Asset Management LLC trimmed its position in Onto Innovation Inc. (NYSE:ONTO) by 45.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 30,000 shares of the semiconductor company’s stock after selling 25,000 shares during the quarter. Telemark Asset Management LLC’s holdings in Onto Innovation were worth $6,227,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its stake in shares of Onto Innovation by 2.7% in the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after purchasing an additional 50 shares in the last quarter. Magnetar Financial LLC boosted its holdings in Onto Innovation by 4.0% in the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after buying an additional 63 shares during the period. Shaker Investments LLC OH increased its stake in Onto Innovation by 1.7% in the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after buying an additional 64 shares in the last quarter. Quarry LP increased its stake in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in Onto Innovation by 3.6% during the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock valued at $483,000 after acquiring an additional 80 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Jefferies Financial Group cut their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer lifted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Needham & Company LLC dropped their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Stock Performance

NYSE ONTO opened at $166.50 on Friday. The stock has a 50 day moving average price of $194.81 and a 200-day moving average price of $205.14. Onto Innovation Inc. has a one year low of $134.11 and a one year high of $238.93. The company has a market capitalization of $8.22 billion, a P/E ratio of 45.12, a P/E/G ratio of 1.05 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the business earned $0.96 earnings per share. Onto Innovation’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, equities analysts predict that Onto Innovation Inc. will post 5.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.

About Onto Innovation

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.