Onto Innovation Inc. $ONTO Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC boosted its position in Onto Innovation Inc. (NYSE:ONTO) by 165.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 196,642 shares of the semiconductor company’s stock after purchasing an additional 122,520 shares during the quarter. Onto Innovation comprises approximately 1.3% of Granahan Investment Management LLC’s investment portfolio, making the stock its 24th biggest holding. Granahan Investment Management LLC’s holdings in Onto Innovation were worth $31,042,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in Onto Innovation by 20.6% in the fourth quarter. Parallel Advisors LLC now owns 339 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 58 shares during the period. Root Financial Partners LLC lifted its position in Onto Innovation by 71.2% in the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares during the period. Smartleaf Asset Management LLC lifted its position in Onto Innovation by 8.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock worth $186,000 after purchasing an additional 92 shares during the period. Advisors Asset Management Inc. lifted its position in Onto Innovation by 1.9% in the third quarter. Advisors Asset Management Inc. now owns 5,059 shares of the semiconductor company’s stock worth $654,000 after purchasing an additional 93 shares during the period. Finally, Transamerica Financial Advisors LLC lifted its position in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Down 5.8%

ONTO opened at $316.49 on Wednesday. Onto Innovation Inc. has a 12-month low of $89.40 and a 12-month high of $348.76. The firm has a market capitalization of $15.74 billion, a P/E ratio of 147.89, a PEG ratio of 1.38 and a beta of 1.62. The stock has a fifty day moving average of $274.99 and a 200-day moving average of $221.01.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. During the same period in the prior year, the business posted $1.51 earnings per share. Onto Innovation’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, analysts expect that Onto Innovation Inc. will post 7.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ONTO shares. Jefferies Financial Group restated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. B. Riley Financial increased their price objective on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Needham & Company LLC increased their price objective on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research report on Friday, June 5th. They set a “buy” rating and a $350.00 price objective for the company. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.60.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.