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

Onto Innovation Inc. (NYSE:ONTO) was the recipient of 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. Currently, 2.2% of the company’s shares are short sold. Based on an average daily volume of 873,760 shares, the days-to-cover ratio is currently 1.2 days. Based on an average daily volume of 873,760 shares, the days-to-cover ratio is currently 1.2 days. Currently, 2.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of research firms have commented on ONTO. B. Riley Financial upped their price objective on shares of Onto Innovation from $180.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Weiss Ratings restated a “hold (c)” rating on shares of Onto Innovation in a research report on Thursday, January 22nd. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $126.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, January 14th. Finally, Jefferies Financial Group increased their target price on Onto Innovation from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $206.88.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ONTO. Parallel Advisors LLC lifted its holdings in shares of Onto Innovation by 20.6% during the 4th quarter. Parallel Advisors LLC now owns 339 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 58 shares during the last quarter. Root Financial Partners LLC raised its position in Onto Innovation by 71.2% during the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Onto Innovation by 1.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 4,974 shares of the semiconductor company’s stock valued at $643,000 after acquiring an additional 75 shares during the last quarter. Amalgamated Bank grew its position in Onto Innovation by 0.3% in the third quarter. Amalgamated Bank now owns 22,663 shares of the semiconductor company’s stock worth $2,929,000 after acquiring an additional 79 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. increased its stake in shares of Onto Innovation by 0.4% during the 3rd quarter. Campbell Newman Asset Management Inc. now owns 18,880 shares of the semiconductor company’s stock worth $2,440,000 after purchasing an additional 80 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Trading Up 1.5%

ONTO stock traded up $3.21 during midday trading on Tuesday, reaching $220.44. The company had a trading volume of 977,674 shares, compared to its average volume of 882,363. The company has a 50 day moving average of $188.75 and a two-hundred day moving average of $147.59. The company has a market capitalization of $10.80 billion, a P/E ratio of 62.27, a PEG ratio of 1.20 and a beta of 1.50. Onto Innovation has a 1 year low of $85.88 and a 1 year high of $229.87.

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.