Onto Innovation (NYSE:ONTO) Posts Quarterly Earnings Results

Onto Innovation (NYSE:ONTO) released its quarterly earnings results on Thursday. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03, Briefing.com reports. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter in the previous year, the company posted $0.96 earnings per share. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. 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 Stock Down 11.3 %

NYSE:ONTO traded down $22.38 during trading hours on Friday, reaching $175.95. 1,839,562 shares of the company’s stock were exchanged, compared to its average volume of 568,196. The company has a market capitalization of $8.69 billion, a P/E ratio of 52.58, a price-to-earnings-growth ratio of 1.33 and a beta of 1.36. Onto Innovation has a 12 month low of $115.07 and a 12 month high of $238.93. The business’s 50-day simple moving average is $203.24 and its two-hundred day simple moving average is $206.62.

Analyst Ratings Changes

Several analysts have weighed in on ONTO shares. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note 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 research note on Friday. Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday. Stifel Nicolaus boosted their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by corporate 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.