Onto Innovation Inc. (NYSE:ONTO) Sees Significant Growth in Short Interest

Onto Innovation Inc. (NYSE:ONTO) was the recipient of a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 1,954,433 shares, an increase of 78.5% from the May 14th total of 1,094,718 shares. Currently, 3.9% of the shares of the company are short sold. Based on an average trading volume of 1,562,012 shares, the days-to-cover ratio is currently 1.3 days.

Onto Innovation Price Performance

ONTO stock traded down $19.47 during mid-day trading on Tuesday, reaching $316.49. 1,158,328 shares of the company traded hands, compared to its average volume of 1,006,127. The company has a market capitalization of $15.74 billion, a P/E ratio of 147.89, a P/E/G ratio of 1.33 and a beta of 1.63. Onto Innovation has a 52-week low of $89.40 and a 52-week high of $348.76. The company has a fifty day moving average price of $274.99 and a 200-day moving average price of $221.01.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 EPS. As a group, analysts forecast that Onto Innovation will post 7.11 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Millstone Evans Group LLC grew its holdings in Onto Innovation by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 99 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 115 shares in the last quarter. Root Financial Partners LLC grew its holdings in Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 74 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Onto Innovation by 109.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 128 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Onto Innovation during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ONTO. Cantor Fitzgerald lifted their price target on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Needham & Company LLC boosted their target price on Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Jefferies Financial Group reiterated a “buy” rating and set a $350.00 price target on shares of Onto Innovation in a research note on Wednesday, May 6th. Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $320.60.

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.