Tributary Capital Management LLC Decreases Stake in Onto Innovation Inc. (NYSE:ONTO)

Tributary Capital Management LLC reduced its position in Onto Innovation Inc. (NYSE:ONTO) by 43.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 93,234 shares of the semiconductor company’s stock after selling 71,797 shares during the period. Tributary Capital Management LLC’s holdings in Onto Innovation were worth $16,883,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in shares of Onto Innovation by 14,819.4% during the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock valued at $94,121,000 after buying an additional 611,449 shares during the last quarter. Norges Bank bought a new position in shares of Onto Innovation during the fourth quarter valued at approximately $89,785,000. Price T Rowe Associates Inc. MD grew its stake in shares of Onto Innovation by 64.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after buying an additional 371,641 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Onto Innovation by 854.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock valued at $45,266,000 after buying an additional 265,042 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Onto Innovation by 48.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 404,599 shares of the semiconductor company’s stock valued at $61,863,000 after buying an additional 132,661 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ONTO has been the topic of a number of analyst reports. Stifel Nicolaus upped their target price on Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, March 25th. Needham & Company LLC reissued a “hold” rating on shares of Onto Innovation in a research note on Friday, May 10th. B. Riley increased their price objective on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Evercore ISI increased their price objective on Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. Finally, Benchmark increased their price objective on Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $248.00.

Onto Innovation Trading Up 0.9 %

Shares of NYSE ONTO opened at $220.86 on Tuesday. The stock has a market capitalization of $10.88 billion, a PE ratio of 77.86 and a beta of 1.39. The stock’s fifty day simple moving average is $214.25 and its two-hundred day simple moving average is $185.10. Onto Innovation Inc. has a 12-month low of $103.93 and a 12-month high of $238.13.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.08. Onto Innovation had a return on equity of 11.48% and a net margin of 16.43%. The business had revenue of $228.80 million for the quarter, compared to analysts’ expectations of $222.60 million. During the same quarter last year, the firm earned $0.92 EPS. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. On average, equities analysts predict that Onto Innovation Inc. will post 5.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the sale, the chief financial officer now owns 12,552 shares in the company, valued at approximately $2,776,627.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Mark Slicer sold 519 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the transaction, the chief financial officer now owns 12,552 shares in the company, valued at approximately $2,776,627.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Srinivas Vedula sold 1,486 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. Company 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.