Sumitomo Mitsui Trust Group Inc. Buys New Holdings in Onto Innovation Inc. (NYSE:ONTO)

Sumitomo Mitsui Trust Group Inc. purchased a new position in Onto Innovation Inc. (NYSE:ONTO) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,305 shares of the semiconductor company’s stock, valued at approximately $478,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ONTO. State Board of Administration of Florida Retirement System increased its position in shares of Onto Innovation by 27.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 17,789 shares of the semiconductor company’s stock valued at $3,221,000 after acquiring an additional 3,800 shares during the period. Vanguard Group Inc. increased its holdings in Onto Innovation by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 5,254,287 shares of the semiconductor company’s stock valued at $951,446,000 after purchasing an additional 65,472 shares during the period. O Shaughnessy Asset Management LLC raised its position in Onto Innovation by 10.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,381 shares of the semiconductor company’s stock valued at $612,000 after purchasing an additional 317 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Onto Innovation by 7.0% in the 1st quarter. Bessemer Group Inc. now owns 119,890 shares of the semiconductor company’s stock worth $21,709,000 after buying an additional 7,815 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Onto Innovation in the 1st quarter worth approximately $1,171,000. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO stock opened at $162.78 on Wednesday. The firm has a 50 day moving average price of $196.38 and a 200-day moving average price of $205.99. Onto Innovation Inc. has a 52-week low of $133.67 and a 52-week high of $238.93. The firm has a market capitalization of $8.04 billion, a price-to-earnings ratio of 44.11, a PEG ratio of 1.02 and a beta of 1.37.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ONTO shares. Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group cut their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Needham & Company LLC decreased their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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.