Fred Alger Management LLC Has $2.82 Million Stake in Onto Innovation Inc. (NYSE:ONTO)

Fred Alger Management LLC increased its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 171.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,600 shares of the semiconductor company’s stock after purchasing an additional 8,597 shares during the quarter. Fred Alger Management LLC’s holdings in Onto Innovation were worth $2,823,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. boosted its stake in shares of 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 valued at $44,444,000 after buying an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Public Employees Retirement Association of Colorado grew its stake in Onto Innovation by 45.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after purchasing an additional 33,025 shares in the last quarter. Swedbank AB increased its position in Onto Innovation by 372.7% in the 2nd quarter. Swedbank AB now owns 62,400 shares of the semiconductor company’s stock worth $13,701,000 after purchasing an additional 49,200 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Onto Innovation during the 3rd quarter worth about $14,539,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Price Performance

ONTO stock opened at $164.18 on Monday. The company has a 50-day moving average of $191.02 and a two-hundred day moving average of $202.67. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 44.49, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. Onto Innovation Inc. has a 52-week low of $134.11 and a 52-week high of $238.93.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the firm posted $0.96 EPS. The company’s revenue was up 21.7% on a year-over-year basis. Equities analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated 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 in the company, valued at $3,326,202. The trade was a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.72% of the company’s stock.

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.