Cedar Wealth Management LLC Takes $359,000 Position in Onto Innovation Inc. $ONTO

Cedar Wealth Management LLC purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,277 shares of the semiconductor company’s stock, valued at approximately $359,000.

Several other large investors have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. lifted its position in Onto Innovation by 100.0% in the third quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 99 shares during the period. Danske Bank A S purchased a new position in shares of Onto Innovation during the 3rd quarter worth approximately $39,000. Torren Management LLC purchased a new position in shares of Onto Innovation during the 4th quarter worth approximately $49,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Onto Innovation in the 3rd quarter valued at approximately $47,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Onto Innovation in the fourth quarter valued at approximately $61,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

Shares of ONTO stock opened at $253.85 on Tuesday. The stock has a fifty day moving average price of $243.81 and a 200 day moving average price of $199.89. The stock has a market cap of $12.63 billion, a PE ratio of 118.62, a P/E/G ratio of 1.33 and a beta of 1.70. Onto Innovation Inc. has a 1 year low of $89.40 and a 1 year high of $316.00.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. During the same quarter in the prior year, the company earned $1.51 earnings per share. Onto Innovation’s revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts predict that Onto Innovation Inc. will post 6.83 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on ONTO shares. Evercore reaffirmed an “outperform” rating and set a $315.00 price objective on shares of Onto Innovation in a report on Friday, April 17th. B. Riley Financial boosted their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Needham & Company LLC upped their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Finally, Cantor Fitzgerald raised their price objective on shares of Onto Innovation from $275.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $310.63.

Onto Innovation Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.