Quest Partners LLC Sells 1,506 Shares of Onto Innovation Inc. (NYSE:ONTO)

Quest Partners LLC trimmed its holdings in Onto Innovation Inc. (NYSE:ONTO) by 39.4% during the third quarter, Holdings Channel reports. The institutional investor owned 2,313 shares of the semiconductor company’s stock after selling 1,506 shares during the quarter. Quest Partners LLC’s holdings in Onto Innovation were worth $480,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. boosted its position in shares of Onto Innovation by 42.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 288,215 shares of the semiconductor company’s stock valued at $59,821,000 after buying an additional 85,790 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Onto Innovation by 3.4% during the 3rd quarter. Natixis Advisors LLC now owns 253,600 shares of the semiconductor company’s stock worth $52,637,000 after acquiring an additional 8,456 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Onto Innovation by 32.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,041 shares of the semiconductor company’s stock worth $424,000 after acquiring an additional 502 shares during the last quarter. ING Groep NV bought a new stake in shares of Onto Innovation in the 3rd quarter worth $11,893,000. Finally, Zions Bancorporation N.A. raised its holdings in shares of Onto Innovation by 18.2% in the third quarter. Zions Bancorporation N.A. now owns 15,330 shares of the semiconductor company’s stock valued at $3,182,000 after purchasing an additional 2,361 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. 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. Oppenheimer increased 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. Jefferies Financial Group cut their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Needham & Company LLC decreased their target price on 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 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, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Price Performance

Shares of ONTO opened at $166.29 on Friday. Onto Innovation Inc. has a 1 year low of $134.11 and a 1 year high of $238.93. The stock’s fifty day moving average price is $194.17 and its two-hundred day moving average price is $204.80. The firm has a market cap of $8.21 billion, a PE ratio of 45.07, a PEG ratio of 1.07 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 EPS. Sell-side analysts anticipate that Onto Innovation Inc. will post 5.19 earnings per share for the current fiscal year.

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.