Onto Innovation (NYSE:ONTO) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Onto Innovation (NYSE:ONTO) issued its earnings results on Thursday. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03, Briefing.com reports. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same period in the previous year, the firm earned $0.96 earnings per share. The business’s revenue was up 21.7% on a year-over-year basis. Onto Innovation updated its Q4 guidance to $1.33-1.48 EPS and its Q4 2024 guidance to 1.330-1.480 EPS.

Onto Innovation Trading Down 11.2 %

Onto Innovation stock traded down $22.23 during mid-day trading on Friday, reaching $176.10. The company had a trading volume of 1,839,738 shares, compared to its average volume of 568,196. Onto Innovation has a fifty-two week low of $115.07 and a fifty-two week high of $238.93. The company has a market cap of $8.70 billion, a P/E ratio of 52.52, a P/E/G ratio of 1.33 and a beta of 1.36. The business has a fifty day simple moving average of $202.50 and a 200 day simple moving average of $206.56.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ONTO shares. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday. Oppenheimer lifted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Needham & Company LLC dropped their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is currently owned by company insiders.

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.