Charles Schwab Investment Management Inc. Sells 162,067 Shares of Onto Innovation Inc. (NYSE:ONTO)

Charles Schwab Investment Management Inc. trimmed its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 32.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 337,222 shares of the semiconductor company’s stock after selling 162,067 shares during the period. Charles Schwab Investment Management Inc. owned about 0.68% of Onto Innovation worth $69,994,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Quarry LP raised its position in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. LGT Financial Advisors LLC lifted its stake in Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 90 shares during the period. Fifth Third Bancorp boosted its holdings in Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new position in Onto Innovation in the 3rd quarter worth $65,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

NYSE:ONTO opened at $161.04 on Friday. The firm has a market cap of $7.95 billion, a P/E ratio of 43.64, a P/E/G ratio of 1.05 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The firm has a 50-day simple moving average of $191.73 and a two-hundred day simple moving average of $203.46.

Onto Innovation (NYSE:ONTO) last announced its quarterly 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 company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 earnings per share. On average, equities research analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Jefferies Financial Group dropped their target price on shares of 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 reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer lifted their price target 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, Needham & Company LLC reduced their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $254.29.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated 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 approximately $3,326,202. This trade represents a 7.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

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.