Thrivent Financial for Lutherans Cuts Stake in Onto Innovation Inc. (NYSE:ONTO)

Thrivent Financial for Lutherans cut its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 321,520 shares of the semiconductor company’s stock after selling 4,812 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Onto Innovation were worth $66,735,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Onto Innovation by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 5,254,287 shares of the semiconductor company’s stock worth $951,446,000 after purchasing an additional 65,472 shares during the period. Congress Asset Management Co. grew its stake in shares of Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after buying an additional 295,869 shares during the last quarter. Geneva Capital Management LLC increased its holdings in shares of Onto Innovation by 2.6% in the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock worth $195,032,000 after buying an additional 23,628 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Finally, Hood River Capital Management LLC boosted its holdings in Onto Innovation by 6.9% during the 1st quarter. Hood River Capital Management LLC now owns 672,230 shares of the semiconductor company’s stock valued at $121,727,000 after acquiring an additional 43,132 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on ONTO shares. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company 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 stock an “outperform” rating in a report on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Trading Down 3.8 %

Shares of NYSE ONTO opened at $158.54 on Monday. The firm has a fifty day simple moving average of $196.76 and a two-hundred day simple moving average of $206.08. Onto Innovation Inc. has a 12 month low of $131.78 and a 12 month high of $238.93. The firm has a market capitalization of $7.83 billion, a PE ratio of 42.96, a price-to-earnings-growth ratio of 1.02 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation’s revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 earnings per share. On average, sell-side analysts predict that Onto Innovation Inc. will post 5.19 earnings per share for the current year.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.

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.