Is this the Best Time to Add Onto Innovation (ONTO) to Your Portfolio?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell 2500 Growth Index and returned 0.22% (net), and the index return was -0.12%. During the quarter, weakness in Financials, Health Care, and Industrial sectors was offset by strength in Consumer Staples, Consumer Discretionary, and Information Technology sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like Onto Innovation Inc. (NYSE:ONTO) in its Q3 2022 investor letter. Headquartered in Wilmington, Massachusetts, Onto Innovation Inc. (NYSE:ONTO) is a technology solutions company. On December 21, 2022, Onto Innovation Inc. (NYSE:ONTO) stock closed at $70.99 per share. One-month return of Onto Innovation Inc. (NYSE:ONTO) was -11.73% and its shares lost 28.37% of their value over the last 52 weeks. Onto Innovation Inc. (NYSE:ONTO) has a market capitalization of $3.515 billion.

TimesSquare Capital made the following comment about Onto Innovation Inc. (NYSE:ONTO) in its Q3 2022 investor letter:

“New to the strategy was Onto Innovation Inc. (NYSE:ONTO), which develops inspection technologies for use across the entire semiconductor fabrication process. Though other companies in the fabrication industry reported lower results or cited weak market conditions, Onto’s fundamentals were relatively unaffected. Sales for its process control systems were a function of transitions to new technologies and the construction of new facilities—both of which were increasing—and not merely overall semiconductor capacities. Nevertheless, Onto’s shares pulled back mid-quarter, which made an attractive entry point for us.”

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Onto Innovation Inc. (NYSE:ONTO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Onto Innovation Inc. (NYSE:ONTO) at the end of the third quarter which was 16 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.