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

Onto Innovation Inc. (NYSE:ONTO) was the recipient of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 1,954,433 shares, a growth 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 daily trading volume, of 1,562,012 shares, the short-interest ratio is presently 1.3 days.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley assumed coverage on Onto Innovation in a research report on Sunday. They set an “overweight” rating and a $371.00 price objective on the stock. B. Riley Financial increased their price objective on Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Cantor Fitzgerald increased their price objective on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Finally, Oppenheimer restated an “outperform” rating on shares of Onto Innovation in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $320.60.

Onto Innovation Stock Performance

Shares of NYSE ONTO traded up $14.01 during mid-day trading on Monday, reaching $337.89. The company had a trading volume of 1,052,827 shares, compared to its average volume of 1,000,036. Onto Innovation has a one year low of $89.40 and a one year high of $348.76. The firm has a market cap of $16.81 billion, a price-to-earnings ratio of 157.95, a PEG ratio of 1.33 and a beta of 1.62. The business’s 50-day simple moving average is $270.56 and its 200 day simple moving average is $218.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.Onto Innovation’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $1.51 earnings per share. On average, sell-side analysts anticipate that Onto Innovation will post 7.11 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ONTO. Root Financial Partners LLC grew its position in Onto Innovation by 71.2% in 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 during the last quarter. Transamerica Financial Advisors LLC grew its position in Onto Innovation by 188.5% in the fourth quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 115 shares during the last quarter. Millstone Evans Group LLC grew its position in Onto Innovation by 147.8% in the first quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 128 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Onto Innovation in the fourth quarter valued at about $39,000. Institutional investors own 98.35% of the company’s stock.

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.