Retirement Systems of Alabama Acquires 34,857 Shares of Onto Innovation Inc. $ONTO

Retirement Systems of Alabama increased its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 50.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 103,294 shares of the semiconductor company’s stock after buying an additional 34,857 shares during the quarter. Retirement Systems of Alabama’s holdings in Onto Innovation were worth $31,796,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP increased its stake in shares of Onto Innovation by 282.7% during the 3rd quarter. Fulcrum Asset Management LLP now owns 3,096 shares of the semiconductor company’s stock valued at $943,000 after acquiring an additional 2,287 shares during the last quarter. Formidable Asset Management LLC purchased a new position in shares of Onto Innovation during the 3rd quarter worth about $858,000. Parallel Advisors LLC boosted its position in shares of Onto Innovation by 26.4% in the third quarter. Parallel Advisors LLC now owns 526 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 110 shares during the last quarter. Kestra Advisory Services LLC boosted its position in shares of Onto Innovation by 80.0% in the third quarter. Kestra Advisory Services LLC now owns 2,274 shares of the semiconductor company’s stock worth $700,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Onto Innovation by 19.2% in the third quarter. Commonwealth Equity Services LLC now owns 2,083 shares of the semiconductor company’s stock worth $641,000 after acquiring an additional 336 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Price Performance

ONTO stock opened at $197.41 on Wednesday. The stock has a 50-day moving average price of $250.73 and a two-hundred day moving average price of $259.12. Onto Innovation Inc. has a 12-month low of $121.57 and a 12-month high of $386.46. The company has a current ratio of 9.73, a quick ratio of 8.33 and a debt-to-equity ratio of 0.77. The company has a market cap of $9.69 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 0.63 and a beta of 1.66.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Monday, November 9th. The semiconductor company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.14. The company had revenue of $409.75 million for the quarter, compared to the consensus estimate of $392.08 million. Onto Innovation had a return on equity of 17.03% and a net margin of 11.53%. The company’s quarterly revenue was up 87.8% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. As a group, research analysts predict that Onto Innovation Inc. will post 8.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ONTO. Zacks Research downgraded shares of Onto Innovation from a “strong-buy” rating to a “hold” rating in a report on Friday, November 6th. Jefferies Financial Group cut their price target on shares of Onto Innovation from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Tuesday. The Goldman Sachs Group assumed coverage on shares of Onto Innovation in a research note on Monday, August 17th. They set a “buy” rating and a $400.00 price target on the stock. Royal Bank Of Canada decreased their price target on shares of Onto Innovation from $400.00 to $350.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC decreased their price target on shares of Onto Innovation from $360.00 to $285.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus target price of $354.55.

Onto Innovation News Summary

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Q3 revenue reached a record $409.75 million, up 88% year over year, while adjusted EPS of $2.44 beat the $2.30 consensus. Revenue, operating margin and EPS also exceeded the high end of the company’s prior guidance. Onto Innovation Q3 results
• Positive Sentiment: ONTO forecast Q4 revenue of $430 million to $450 million and EPS of $2.59 to $2.79, both above analyst estimates. Its reported backlog of more than $1.3 billion adds visibility to demand. Q4 outlook and backlog
• Neutral Sentiment: Despite the target reductions, Jefferies, Morgan Stanley, RBC and B. Riley maintained favorable ratings—buy, overweight or outperform—indicating continued confidence in the company’s prospects. Jefferies analyst recommendations
• Negative Sentiment: Those firms lowered their price targets: Jefferies and RBC to $350, Morgan Stanley to $325 and B. Riley to $285. The cuts may signal more cautious assumptions or valuation concerns, even as the firms retained positive ratings. Morgan Stanley analyst recommendations

Insider Buying and Selling

In related news, Director David Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the director owned 10,692 shares in the company, valued at approximately $3,207,600. This trade represents a 15.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan Lynch sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the completion of the transaction, the director owned 2,684 shares in the company, valued at $811,373.20. The trade was a 27.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by corporate insiders.

Onto Innovation Company Profile

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects. The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.