Onto Innovation Inc. (NYSE:ONTO) Short Interest Down 19.2% in January

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

Analysts Set New Price Targets

A number of analysts have weighed in on ONTO shares. B. Riley Financial increased their price target on Onto Innovation from $180.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Jefferies Financial Group upped their target price on Onto Innovation from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, December 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Onto Innovation in a report on Thursday, January 22nd. Evercore boosted their price target on Onto Innovation from $115.00 to $160.00 and gave the company an “outperform” rating in a research note on Tuesday, November 4th. Finally, Cantor Fitzgerald raised shares of Onto Innovation from a “neutral” rating to an “overweight” rating and set a $275.00 price objective for the company in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.88.

Hedge Funds Weigh In On Onto Innovation

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

Onto Innovation Price Performance

Shares of NYSE:ONTO traded up $2.28 during midday trading on Monday, hitting $216.99. 1,858,791 shares of the company’s stock were exchanged, compared to its average volume of 882,363. The stock has a 50 day moving average price of $187.59 and a 200-day moving average price of $146.70. The company has a market cap of $10.63 billion, a PE ratio of 61.30, a price-to-earnings-growth ratio of 1.20 and a beta of 1.49. Onto Innovation has a 12 month low of $85.88 and a 12 month 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.