Onto Innovation (NYSE:ONTO) Posts Earnings Results, Beats Expectations By $0.08 EPS

Onto Innovation (NYSE:ONTO) issued its quarterly earnings results on Thursday. The semiconductor company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.08, Briefing.com reports. The company had revenue of $228.80 million for the quarter, compared to the consensus estimate of $222.60 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. Onto Innovation updated its Q2 guidance to $1.14-1.26 EPS.

Onto Innovation Price Performance

ONTO stock traded up $2.27 during midday trading on Thursday, reaching $208.42. The company had a trading volume of 676,653 shares, compared to its average volume of 435,878. The firm has a 50-day moving average price of $185.56 and a 200-day moving average price of $160.96. The company has a market capitalization of $10.24 billion, a P/E ratio of 84.72 and a beta of 1.40. Onto Innovation has a 1 year low of $86.04 and a 1 year high of $213.47.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Benchmark boosted their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Evercore ISI assumed coverage on Onto Innovation in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $235.00 target price for the company. Stifel Nicolaus upped their price target on Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, March 25th. B. Riley boosted their price objective on shares of Onto Innovation from $195.00 to $205.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $191.60.

Insider Activity

In related news, CEO Michael P. Plisinski sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the transaction, the chief executive officer now directly owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Michael P. Plisinski sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the transaction, the chief executive officer now directly owns 235,492 shares in the company, valued at approximately $41,324,136.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Yoon Ah Oh sold 1,685 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $180.00, for a total value of $303,300.00. Following the transaction, the vice president now directly owns 14,913 shares of the company’s stock, valued at approximately $2,684,340. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is currently owned by corporate insiders.

About Onto Innovation

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.