Lazard Asset Management LLC Purchases 7,161 Shares of Onto Innovation Inc. $ONTO

Lazard Asset Management LLC raised its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 17.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,728 shares of the semiconductor company’s stock after acquiring an additional 7,161 shares during the quarter. Lazard Asset Management LLC’s holdings in Onto Innovation were worth $9,993,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Alua Capital Management LP acquired a new stake in Onto Innovation in the first quarter worth $27,012,000. Waverly Advisors LLC acquired a new position in Onto Innovation during the 1st quarter worth approximately $268,000. Granahan Investment Management LLC raised its stake in Onto Innovation by 1.0% during the 1st quarter. Granahan Investment Management LLC now owns 198,694 shares of the semiconductor company’s stock worth $40,746,000 after buying an additional 2,052 shares during the period. Entropy Technologies LP bought a new position in Onto Innovation in the first quarter worth approximately $2,877,000. Finally, Beaconlight Capital LLC bought a new position in Onto Innovation in the first quarter worth approximately $808,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ONTO. Morgan Stanley assumed coverage on Onto Innovation in a report on Sunday, June 14th. They set an “overweight” rating and a $371.00 price objective for the company. B. Riley Financial increased their target price on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Evercore reissued an “outperform” rating and issued a $315.00 price target on shares of Onto Innovation in a research report on Friday, April 17th. Zacks Research upgraded shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Onto Innovation in a research note on Friday, June 5th. They set a “buy” rating and a $350.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Onto Innovation currently has an average rating of “Buy” and an average price target of $339.60.

Onto Innovation Stock Performance

Shares of ONTO opened at $217.83 on Thursday. The firm has a market capitalization of $10.83 billion, a P/E ratio of 101.79, a P/E/G ratio of 0.99 and a beta of 1.55. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The stock has a 50 day moving average price of $295.48 and a two-hundred day moving average price of $252.90.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) 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 analysts’ expectations of $292.00 million. During the same quarter in the previous year, the firm earned $1.51 earnings per share. Onto Innovation’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

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.