Onto Innovation Inc. (NYSE:ONTO) Stock Position Trimmed by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in Onto Innovation Inc. (NYSE:ONTO) by 4.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,464 shares of the semiconductor company’s stock after selling 214 shares during the period. PNC Financial Services Group Inc.’s holdings in Onto Innovation were worth $927,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. QRG Capital Management Inc. grew its holdings in Onto Innovation by 2.7% in the 2nd quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after buying an additional 50 shares in the last quarter. Magnetar Financial LLC grew its stake in shares of Onto Innovation by 4.0% in the second quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after purchasing an additional 63 shares in the last quarter. Shaker Investments LLC OH increased its holdings in shares of Onto Innovation by 1.7% during the second quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock valued at $862,000 after purchasing an additional 64 shares during the period. Quarry LP raised its stake in shares of Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC lifted its holdings in Onto Innovation by 3.6% in the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after purchasing an additional 80 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Oppenheimer boosted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Jefferies Financial Group dropped their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note 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 company’s stock. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average price target of $254.29.

Insider Transactions at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, 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 is accessible through this hyperlink. 0.72% of the stock is currently owned by insiders.

Onto Innovation Stock Performance

NYSE ONTO opened at $161.04 on Friday. Onto Innovation Inc. has a 1 year low of $134.11 and a 1 year high of $238.93. The business’s fifty day moving average is $191.73 and its two-hundred day moving average is $203.46. The stock has a market capitalization 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 (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million during 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%. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.96 earnings per share. On average, research analysts forecast that Onto Innovation Inc. will post 5.22 earnings per share for the current 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.