Signaturefd LLC has significantly increased its investment in Onto Innovation Inc. (NYSE: ONTO) by 13.9% during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), Signaturefd now holds 854 shares of the semiconductor company, having added 104 shares during the quarter. The total value of its holdings in Onto Innovation is approximately $86,000.
Several other institutional investors have also made moves in the semiconductor sector. Concurrent Investment Advisors LLC acquired a new stake in Onto Innovation during the first quarter, estimated at about $217,000. GAMMA Investing LLC increased its position by 75.0% in the same period, bringing its total to 1,069 shares worth $130,000 after purchasing an additional 458 shares. Oppenheimer & Co. Inc. made headlines with a new stake valued at around $420,000, while Oppenheimer Asset Management Inc. boosted its holdings by 16.3%, now owning 7,211 shares valued at $875,000 after acquiring an additional 1,013 shares. Harbor Capital Advisors Inc. also expanded its position by 63.9% during the second quarter, raising its ownership to 23,906 shares worth $2.4 million. Overall, institutional investors and hedge funds collectively own 98.35% of Onto Innovation’s stock.
Market Performance and Earnings Report
On Friday, Onto Innovation’s stock opened at $144.10, reflecting a 3.1% increase. The company has experienced a considerable range in its stock price over the past year, with a low of $85.88 and a high of $228.42. Currently, Onto Innovation holds a market capitalization of $7.06 billion, a price-to-earnings ratio of 35.67, and a price-to-earnings-growth ratio of 0.97. The company’s 50-day moving average is $111.53, while the two-hundred-day moving average stands at $108.98.
In its most recent earnings report, released on August 7, 2023, Onto Innovation posted earnings of $1.25 per share, slightly falling short of analysts’ expectations of $1.27. Despite this, the company reported a net margin of 19.29% and a return on equity of 14.38%. Revenue for the quarter reached $253.60 million, surpassing the expected $250.56 million. This marks a year-over-year revenue increase of 4.7%. Looking ahead, Onto Innovation has set its guidance for Q3 2025 at earnings per share between $0.750 and $0.950. Analysts predict that the company will achieve an average earning per share of $6.26 for the current fiscal year.
Analyst Ratings and Market Outlook
Recent research reports have highlighted Onto Innovation as a focal point for investment. Weiss Ratings maintained a “hold (c)” rating in a report dated September 27, 2023. In a contrasting view, Jefferies Financial Group upgraded Onto Innovation from a “hold” to a “buy” rating, increasing their target price from $100.00 to $170.00 as of September 23, 2023. Similarly, B. Riley adjusted their price target from $160.00 to $145.00, maintaining a “buy” rating on the stock after the earnings release on August 8, 2023. Benchmark also lowered their price target from $190.00 to $160.00, while Cantor Fitzgerald set a new target of $90.00 with a neutral rating.
Currently, six analysts have rated Onto Innovation with a “buy” designation, while two have suggested a “hold,” resulting in a consensus rating of “Moderate Buy” and a target price averaging $146.43.
Onto Innovation Inc. specializes in designing, developing, manufacturing, and supporting process control tools for optical metrology. Its product range includes lithography systems, process control analytical software, and yield management solutions, alongside device packaging and test facilities.