Federated Hermes Inc. Sells 430 Shares of Onto Innovation Inc. (NYSE:ONTO)

Federated Hermes Inc. trimmed its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,816 shares of the semiconductor company’s stock after selling 430 shares during the quarter. Federated Hermes Inc.’s holdings in Onto Innovation were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Onto Innovation during the 4th quarter worth approximately $89,785,000. Price T Rowe Associates Inc. MD boosted 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 purchasing an additional 371,641 shares during the period. Natixis Advisors LLC grew its holdings in shares of Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after purchasing an additional 194,056 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Onto Innovation by 58.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock worth $85,118,000 after buying an additional 174,010 shares during the period. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Onto Innovation in the 1st quarter worth about $29,420,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

NYSE:ONTO opened at $199.91 on Friday. The stock has a market capitalization of $9.85 billion, a P/E ratio of 71.14 and a beta of 1.37. The company’s 50-day simple moving average is $196.52 and its 200-day simple moving average is $201.84. Onto Innovation Inc. has a fifty-two week low of $108.98 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period in the previous year, the company earned $0.79 earnings per share. The business’s revenue for the quarter was up 27.1% on a year-over-year basis. On average, research analysts forecast that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on ONTO. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. B. Riley lifted their target price on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Stifel Nicolaus increased their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Benchmark restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $259.00.

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.