Zacks Research Comments on Onto Innovation FY2024 Earnings

Onto Innovation Inc. (NYSE:ONTO) – Investment analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for shares of Onto Innovation in a report released on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the semiconductor company will post earnings per share of $5.18 for the year, up from their previous estimate of $5.03. The consensus estimate for Onto Innovation’s current full-year earnings is $5.22 per share. Zacks Research also issued estimates for Onto Innovation’s Q4 2024 earnings at $1.34 EPS, Q1 2025 earnings at $1.39 EPS, Q2 2025 earnings at $1.46 EPS, Q3 2025 earnings at $1.57 EPS, Q4 2025 earnings at $1.58 EPS, FY2025 earnings at $6.00 EPS, Q1 2026 earnings at $1.60 EPS, Q2 2026 earnings at $1.67 EPS, Q3 2026 earnings at $1.79 EPS and FY2026 earnings at $6.87 EPS.

A number of other research analysts have also weighed in on the stock. Oppenheimer raised their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group dropped their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Needham & Company LLC decreased 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, November 1st. Finally, Benchmark reiterated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $165.19 on Monday. The company has a market capitalization of $8.16 billion, a PE ratio of 44.77, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Onto Innovation has a 1 year low of $134.11 and a 1 year high of $238.93. The company’s fifty day moving average price is $193.69 and its 200 day moving average price is $204.49.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. Onto Innovation’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the business earned $0.96 earnings per share.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP increased its holdings in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Onto Innovation by 675.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. LGT Financial Advisors LLC grew its holdings in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 90 shares during the period. Fifth Third Bancorp boosted its position in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares in the last quarter. Finally, Eastern Bank acquired a new stake in Onto Innovation in the third quarter valued at $65,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.