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

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

Onto Innovation Price Performance

ONTO traded down $0.79 during trading on Friday, hitting $124.92. 48,340 shares of the stock traded hands, compared to its average volume of 1,046,316. The firm has a market capitalization of $6.10 billion, a P/E ratio of 30.77, a price-to-earnings-growth ratio of 0.89 and a beta of 1.46. Onto Innovation has a 12-month low of $98.21 and a 12-month high of $238.93. The firm has a 50-day moving average of $131.43 and a 200 day moving average of $166.87.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates 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, equities analysts predict that Onto Innovation will post 6.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Investment Management LLC purchased a new position in Onto Innovation during the 4th quarter valued at $26,000. Mather Group LLC. increased its position in shares of Onto Innovation by 209.4% during the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after buying an additional 111 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in shares of Onto Innovation by 177.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock valued at $29,000 after buying an additional 151 shares during the period. Johnson Financial Group Inc. bought a new position in Onto Innovation in the fourth quarter worth about $38,000. Finally, Versant Capital Management Inc lifted its holdings in Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company's stock worth $39,000 after buying an additional 197 shares during the period. Institutional investors own 98.35% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. Benchmark reissued a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Oppenheimer dropped their price target on Onto Innovation from $240.00 to $150.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $250.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. One equities research 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 currently has a consensus rating of "Moderate Buy" and a consensus target price 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.