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

Onto Innovation Inc. (NYSE:ONTO) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,500,000 shares, a growth of 25.0% from the March 15th total of 1,200,000 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors have recently added to or reduced their stakes in ONTO. Shelton Wealth Management LLC bought a new position in shares of Onto Innovation in the 1st quarter worth $504,000. State of Alaska Department of Revenue increased its stake in shares of Onto Innovation by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 5,785 shares of the semiconductor company’s stock valued at $701,000 after buying an additional 150 shares during the period. Rakuten Securities Inc. boosted its holdings in Onto Innovation by 1,588.0% in the first quarter. Rakuten Securities Inc. now owns 844 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 794 shares in the last quarter. QRG Capital Management Inc. increased its position in shares of Onto Innovation by 6.1% during the first quarter. QRG Capital Management Inc. now owns 2,041 shares of the semiconductor company’s stock valued at $248,000 after buying an additional 118 shares during the period. Finally, Vaughan Nelson Investment Management L.P. bought a new position in shares of Onto Innovation in the 1st quarter worth approximately $31,175,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

ONTO stock opened at $112.45 on Tuesday. Onto Innovation has a 52-week low of $98.21 and a 52-week high of $238.93. The business has a 50-day simple moving average of $134.79 and a two-hundred day simple moving average of $168.14. The company has a market capitalization of $5.49 billion, a P/E ratio of 27.70, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, sell-side analysts forecast that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $250.00 price target on shares of Onto Innovation in a research report on Friday, February 7th. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Oppenheimer cut their target price on Onto Innovation from $240.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Jefferies Financial Group reduced their price objective on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $218.13.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.