Qsemble Capital Management LP Acquires New Position in Onto Innovation Inc. (NYSE:ONTO)

Qsemble Capital Management LP acquired a new stake in shares of Onto Innovation Inc. (NYSE:ONTO) in the third quarter, HoldingsChannel reports. The institutional investor acquired 1,474 shares of the semiconductor company’s stock, valued at approximately $306,000.

Other hedge funds also recently made changes to their positions in the company. Congress Asset Management Co. lifted its holdings in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after purchasing an additional 295,869 shares in the last quarter. Geneva Capital Management LLC lifted its holdings in Onto Innovation by 2.6% in the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock worth $195,032,000 after purchasing an additional 23,628 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after purchasing an additional 189,769 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in Onto Innovation by 2.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock worth $117,633,000 after purchasing an additional 10,328 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Onto Innovation by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 522,629 shares of the semiconductor company’s stock worth $114,748,000 after purchasing an additional 26,563 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Onto Innovation Price Performance

Shares of ONTO opened at $161.04 on Thursday. The stock has a market capitalization of $7.95 billion, a price-to-earnings ratio of 43.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. The business’s 50 day simple moving average is $192.57 and its 200-day simple moving average is $203.76. Onto Innovation Inc. has a 1 year low of $134.11 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm had revenue of $252.20 million for 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 company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. On average, sell-side analysts expect that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 7.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

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.