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

Onto Innovation Inc. (NYSE:ONTO) was the recipient of a significant drop in short interest during the month of 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. Approximately 2.2% of the company’s shares are sold short. Based on an average trading volume of 873,760 shares, the short-interest ratio is currently 1.2 days. Based on an average trading volume of 873,760 shares, the short-interest ratio is currently 1.2 days. Approximately 2.2% of the company’s shares are sold short.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after purchasing an additional 1,292,772 shares in the last quarter. William Blair Investment Management LLC increased its position in Onto Innovation by 650.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,098,860 shares of the semiconductor company’s stock valued at $110,908,000 after buying an additional 952,419 shares in the last quarter. Voya Investment Management LLC raised its stake in Onto Innovation by 4,494.6% during the 3rd quarter. Voya Investment Management LLC now owns 868,607 shares of the semiconductor company’s stock worth $111,974,000 after buying an additional 849,702 shares during the period. Qube Research & Technologies Ltd boosted its holdings in Onto Innovation by 1,510.2% in the second quarter. Qube Research & Technologies Ltd now owns 901,180 shares of the semiconductor company’s stock worth $90,956,000 after acquiring an additional 845,213 shares in the last quarter. Finally, Norges Bank acquired a new stake in Onto Innovation in the second quarter valued at approximately $71,961,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ONTO shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Onto Innovation in a research report on Thursday, January 22nd. Stifel Nicolaus increased their price target on Onto Innovation from $126.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday, January 14th. Cantor Fitzgerald restated a “neutral” rating and set a $170.00 price objective on shares of Onto Innovation in a research report on Tuesday, December 16th. Evercore upped 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. Finally, B. Riley Financial raised their price target on shares of Onto Innovation from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $193.75.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $216.99 on Friday. Onto Innovation has a one year low of $85.88 and a one year high of $229.87. The stock’s 50-day moving average is $186.46 and its 200 day moving average is $145.53. The firm has a market cap 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 Company 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.