Short Interest in Onto Innovation Inc. (NYSE:ONTO) Declines By 19.2%

Onto Innovation Inc. (NYSE:ONTO) saw a large drop in short interest in January. As of January 30th, there was short interest totaling 1,065,200 shares, a drop of 19.2% from the January 15th total of 1,318,664 shares. Based on an average daily volume of 873,760 shares, the short-interest ratio is presently 1.2 days. Currently, 2.2% of the company’s stock are sold short. Currently, 2.2% of the company’s stock are sold short. Based on an average daily volume of 873,760 shares, the short-interest ratio is presently 1.2 days.

Onto Innovation Stock Performance

Shares of ONTO stock opened at $216.99 on Friday. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 61.30, a PEG ratio of 1.20 and a beta of 1.50. Onto Innovation has a 52-week low of $85.88 and a 52-week high of $229.87. The company has a 50-day simple moving average of $186.46 and a two-hundred day simple moving average of $145.53.

Institutional Trading of Onto Innovation

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Onto Innovation by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 5,667,404 shares of the semiconductor company’s stock valued at $732,342,000 after purchasing an additional 294,393 shares during the period. William Blair Investment Management LLC grew its position in Onto Innovation by 80.3% during the third quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock valued at $256,083,000 after buying an additional 882,901 shares during the period. Wellington Management Group LLP increased its holdings in Onto Innovation by 1,217.0% during the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after buying an additional 1,292,772 shares during the last quarter. Franklin Resources Inc. raised its position in Onto Innovation by 21.4% in the fourth quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock worth $213,585,000 after acquiring an additional 238,500 shares during the period. Finally, Geode Capital Management LLC raised its position in Onto Innovation by 45.4% in the fourth quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock worth $178,024,000 after acquiring an additional 352,316 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ONTO. Cantor Fitzgerald reiterated a “neutral” rating and set a $170.00 price objective on shares of Onto Innovation in a report on Tuesday, December 16th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $126.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, January 14th. Needham & Company LLC lifted their price target on Onto Innovation from $200.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Zacks Research raised Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Finally, Evercore raised their target price on Onto Innovation from $115.00 to $160.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $193.75.

About Onto Innovation

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.