Park Place Capital Corp Cuts Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Park Place Capital Corp reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 23.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 252 shares of the semiconductor company’s stock after selling 78 shares during the quarter. Park Place Capital Corp’s holdings in Onto Innovation were worth $42,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP raised its position 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 during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares during the period. Versant Capital Management Inc raised its holdings in Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 197 shares during the period. Eastern Bank bought a new position in shares of Onto Innovation in the third quarter worth about $65,000. Finally, UMB Bank n.a. lifted its holdings in Onto Innovation by 62.0% during the third quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock valued at $67,000 after purchasing an additional 124 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Insider Activity

In related news, SVP Srinivas Vedula sold 827 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the transaction, the senior vice president now directly owns 15,223 shares of the company’s stock, valued at $3,120,715. This represents a 5.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael P. Plisinski sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total value of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares of the company’s stock, valued at approximately $43,139,343.48. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,827 shares of company stock worth $18,182,185. Insiders own 0.72% of the company’s stock.

Onto Innovation Stock Performance

NYSE:ONTO opened at $216.47 on Friday. The firm has a market cap of $10.69 billion, a P/E ratio of 58.66, a P/E/G ratio of 1.13 and a beta of 1.29. The firm has a 50-day simple moving average of $176.99 and a 200-day simple moving average of $191.81. Onto Innovation Inc. has a one year low of $145.15 and a one year high of $238.93.

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

Analyst Ratings Changes

Several brokerages have recently commented on ONTO. Needham & Company LLC lowered their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Jefferies Financial Group dropped their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. Cantor Fitzgerald started coverage on shares of Onto Innovation in a report on Monday, January 13th. They set an “overweight” rating and a $250.00 price target on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $253.75.

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.