Truist Financial Corp Sells 235 Shares of Onto Innovation Inc. (NYSE:ONTO)

Truist Financial Corp lowered its stake in Onto Innovation Inc. (NYSE:ONTO) by 17.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,108 shares of the semiconductor company’s stock after selling 235 shares during the quarter. Truist Financial Corp’s holdings in Onto Innovation were worth $243,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Quarry LP boosted its holdings in shares of Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares during the period. Creative Planning grew its position in shares of Onto Innovation by 32.4% in the 2nd quarter. Creative Planning now owns 27,726 shares of the semiconductor company’s stock worth $6,088,000 after buying an additional 6,779 shares during the last quarter. Algert Global LLC increased its stake in shares of Onto Innovation by 193.0% during the second quarter. Algert Global LLC now owns 5,978 shares of the semiconductor company’s stock valued at $1,313,000 after buying an additional 3,938 shares during the period. Finally, Driehaus Capital Management LLC raised its holdings in shares of Onto Innovation by 2.0% during the second quarter. Driehaus Capital Management LLC now owns 535,769 shares of the semiconductor company’s stock valued at $117,633,000 after acquiring an additional 10,328 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Finally, Oppenheimer raised their target price on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday, October 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. According to data from MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus price target of $261.67.

Onto Innovation Stock Performance

ONTO stock opened at $209.59 on Friday. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 74.59, a PEG ratio of 1.36 and a beta of 1.36. The firm has a 50 day moving average price of $203.53 and a 200-day moving average price of $205.65. Onto Innovation Inc. has a 52-week low of $108.98 and a 52-week high of $238.93.

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

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the 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 sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Onto Innovation Profile

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.