Onto Innovation Inc. (NYSE:ONTO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Onto Innovation Inc. (NYSE:ONTO – Get Rating) by 0.1% during the fourth quarter, HoldingsChannel reports. The fund owned 313,412 shares of the semiconductor company’s stock after selling 461 shares during the period. Principal Financial Group Inc.’s holdings in Onto Innovation were worth $21,340,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ellevest Inc. increased its position in shares of Onto Innovation by 232.0% during the fourth quarter. Ellevest Inc. now owns 415 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 290 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Onto Innovation by 51.3% in the third quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 175 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Onto Innovation in the second quarter valued at $52,000. Quadrant Capital Group LLC increased its holdings in Onto Innovation by 52.0% in the third quarter. Quadrant Capital Group LLC now owns 1,202 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 411 shares during the last quarter. Finally, Stephens Inc. AR increased its holdings in Onto Innovation by 67.2% in the third quarter. Stephens Inc. AR now owns 1,244 shares of the semiconductor company’s stock valued at $80,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 93.59% of the company’s stock.

Insider Buying and Selling

In related news, SVP Robert Fiordalice sold 768 shares of the stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $97.20, for a total transaction of $74,649.60. Following the completion of the transaction, the senior vice president now directly owns 15,152 shares of the company’s stock, valued at $1,472,774.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Onto Innovation Stock Performance

Shares of ONTO opened at $100.42 on Monday. Onto Innovation Inc. has a fifty-two week low of $56.02 and a fifty-two week high of $101.57. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 25.04 and a beta of 1.46. The firm has a 50-day simple moving average of $85.19 and a 200-day simple moving average of $80.29.

Onto Innovation (NYSE:ONTO – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $199.17 million during the quarter, compared to analysts’ expectations of $200.00 million. Onto Innovation had a net margin of 20.67% and a return on equity of 16.09%. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.31 earnings per share. Equities research analysts forecast that Onto Innovation Inc. will post 3.65 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on ONTO. Benchmark reissued a “buy” rating and issued a $92.00 target price (up previously from $85.00) on shares of Onto Innovation in a report on Friday, February 10th. Needham & Company LLC upped their price objective on shares of Onto Innovation from $75.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, February 10th. B. Riley upped their price objective on shares of Onto Innovation from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 10th. DA Davidson upped their price objective on shares of Onto Innovation from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Finally, StockNews.com assumed coverage on shares of Onto Innovation in a research note on Thursday. They issued a “hold” rating for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.80.

Onto Innovation Company Profile

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Onto Innovation, Inc engages in designing, developing and manufacturing process control systems. It offers process control, combining global scale with an expanded portfolio of technologies that include: 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging.