Riverwater Partners LLC Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Riverwater Partners LLC purchased a new stake in Onto Innovation Inc. (NYSE:ONTO) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,522 shares of the semiconductor company’s stock, valued at approximately $1,367,000.

Several other hedge funds also recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. grew its holdings in Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after acquiring an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after buying an additional 2,753 shares during the period. Nordea Investment Management AB raised its position in shares of Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock worth $18,586,000 after acquiring an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after acquiring an additional 33,025 shares during the last quarter. Finally, Norden Group LLC acquired a new position in shares of Onto Innovation in the first quarter worth approximately $654,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Price Performance

ONTO stock opened at $201.28 on Thursday. Onto Innovation Inc. has a 1 year low of $108.98 and a 1 year high of $238.93. The stock has a market capitalization of $9.92 billion, a PE ratio of 71.63, a price-to-earnings-growth ratio of 1.36 and a beta of 1.36. The company’s 50-day moving average is $204.03 and its 200-day moving average is $206.02.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same quarter last year, the firm posted $0.79 earnings per share. The company’s revenue for the quarter was up 27.1% compared to the same quarter last year. On average, analysts anticipate that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Stifel Nicolaus raised their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a 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. Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $261.67.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.72% of the company’s stock.

Onto Innovation Company 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.