On September 20, 2023, investment management company Nordea Investment Management AB revealed that its holdings in semiconductor company Onto Innovation Inc. (NYSE:ONTO) had increased by 92.3% in the second quarter. According to a recent filing with the Securities and Exchange Commission, Nordea Investment Management AB now owns 97,531 shares of Onto Innovation after acquiring an additional 46,812 shares during the period. The value of these shares is estimated to be around $11,480,000.
Onto Innovation recently released its earnings results for the second quarter on August 10th. The company reported earnings per share (EPS) of $0.79 for the quarter, which fell short of the consensus estimate of $0.83 by $0.04. Despite this shortfall, Onto Innovation maintained a return on equity of 14.20% and a net margin of 19.32%. However, its quarterly revenue of $190.66 million did not meet analysts’ expectations of $203 million, indicating a decline of 25.6% compared to the same quarter last year. The company anticipates posting an EPS of 3.64 for the current year.
The performance and prospects of Onto Innovation have attracted significant attention from research analysts as well. Stifel Nicolaus released a research report on August 8th in which they increased their price objective for Onto Innovation’s stock from $124 to $135 while issuing a “buy” rating for it. In contrast, Needham & Company LLC downgraded their rating on June 14th from “buy” to “hold.” Other research firms have shown enthusiasm towards Onto Innovation’s potential as Benchmark raised its price target from $118 to $125 and gave it a “buy” rating on August 11th while Jefferies Financial Group increased their price target from $100 to $123 on June 5th. In total, two analysts have rated the stock as “hold,” while five have given it a “buy” rating.
Overall, Onto Innovation Inc.’s recent performance and prospects have garnered attention from investors and research analysts alike. While its second-quarter earnings fell short of expectations, the company’s growth potential has continued to attract positive ratings and increased price targets from various research firms. Investors will be keenly watching Onto Innovation in the coming quarters to assess whether it can capitalize on its promising position in the semiconductor industry.
[bs_slider_forecast ticker=”EQH”]
Large Investors Show Confidence in Onto Innovation as Stock Surges
September 20, 2023 – Large Investors Boost Positions in Onto Innovation
In recent months, several large investors have made significant moves in the stock market by buying and selling shares of Onto Innovation Inc. The company, a leading semiconductor manufacturer, has attracted the attention of notable institutional investors and hedge funds.
One such investor is the Public Employees Retirement System of Ohio, which increased its position in Onto Innovation by an astonishing 51.3% during the third quarter. Now owning 516 shares of the company’s stock worth approximately $33,000, this substantial purchase demonstrates the pension fund’s confidence in Onto Innovation’s future performance. Similarly, Point72 Hong Kong Ltd entered into a new position during the second quarter, investing around $52,000 in the company. CoreCap Advisors LLC also took notice and invested roughly $68,000 during the fourth quarter.
Tower Research Capital LLC TRC followed suit and boosted its position in Onto Innovation by an impressive 51.3% during the first quarter. With ownership of 1,221 shares valued at $107,000, Tower Research Capital LLC TRC confirms its belief in Onto Innovation’s potential for growth. Lastly, Covestor Ltd experienced substantial growth during the first quarter as well when it increased its position by a staggering 1,909.5%. Currently owning 1,266 shares worth approximately $110,000, Covestor Ltd clearly sees value in Onto Innovation.
These investments from institutional investors and hedge funds indicate a high level of confidence in Onto Innovation’s ability to excel within the semiconductor industry. As 94.78% of the company’s stock is currently owned by these entities, their faith reflects positively on Onto Innovation’s financial health and outlook.
In other news related to Onto Innovation Inc., key executives have executed substantial sales transactions over recent weeks. Srinivas Vedula sold 1,469 shares of the company’s stock on September 1st, generating a transaction value of $201,253. Following this sale, Vedula’s personal holdings in Onto Innovation now amount to 17,976 shares valued at approximately $2,462,712. Additionally, CEO Michael P. Plisinski sold 31,000 shares on August 21st for a total transaction value of $3,498,350. After the completion of the sale, Plisinski’s stake in Onto Innovation stands at 251,794 shares valued at around $28,414,952.90.
These insider sales were disclosed in separate legal filings with the Securities and Exchange Commission (SEC). These filings are accessible via the SEC website and offer investors an opportunity to scrutinize these transactions further.
Given recent insider sales activities and their disclosed values totaling 42,523 shares worth $4,958.,113 in the last 90 days it is evident that corporate insiders have taken advantage of favorable market conditions to liquidate their holdings. It is worth noting that corporate insiders currently own only 0.81% of Onto Innovation’s stock.
On September 20th, Onto Innovation Inc.’s stock opened at $123.13 per share – a notable starting point for the day’s trading activity. Over the past year, the stock has experienced significant fluctuations between its low of $56.02 and high of $142.26. Its fifty-day moving average price stands at $119.29 while its two-hundred-day moving average price is slightly lower at $103.17.
Onto Innovation Inc., with a market capitalization of approximately $6.05 billion and a P/E ratio of 35.08 demonstrates stability and potential within its industry sector. Its beta value also indicates moderate volatility compared to the market average.
The recent surge in interest from institutional investors combined with news surrounding key executives’ stock transactions encourages market participants and potential investors to take a closer look at Onto Innovation Inc. Its financial standing, future outlook, and stock valuation paint a picture of a company poised for further growth and success within the semiconductor industry.
