Cantor Fitzgerald Predicts Onto Innovation FY2024 Earnings

Onto Innovation Inc. (NYSE:ONTOFree Report) – Cantor Fitzgerald issued their FY2024 earnings estimates for Onto Innovation in a research report issued on Monday, January 13th. Cantor Fitzgerald analyst M. Prisco forecasts that the semiconductor company will post earnings of $5.24 per share for the year. Cantor Fitzgerald has a “Overweight” rating and a $250.00 price objective on the stock. The consensus estimate for Onto Innovation’s current full-year earnings is $5.22 per share.

Onto Innovation (NYSE:ONTOGet Free Report) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 earnings per share.

Several other equities analysts have also recently weighed in on ONTO. Needham & Company LLC decreased their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer reiterated an “outperform” rating and set a $275.00 price target on shares of Onto Innovation in a report on Tuesday, December 17th. Finally, Jefferies Financial Group dropped their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average price target of $253.75.

Check Out Our Latest Research Report on Onto Innovation

Onto Innovation Trading Up 1.6 %

Onto Innovation stock opened at $205.36 on Wednesday. Onto Innovation has a 1 year low of $141.79 and a 1 year high of $238.93. The company has a market cap of $10.14 billion, a PE ratio of 55.65, a PEG ratio of 1.07 and a beta of 1.29. The company’s 50-day moving average is $171.96 and its two-hundred day moving average is $191.96.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC boosted its position in Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after acquiring an additional 337,250 shares in the last quarter. Congress Asset Management Co. increased its stake in shares of Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after purchasing an additional 295,869 shares in the last quarter. Citigroup Inc. increased its stake in Onto Innovation by 811.7% during the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock worth $66,236,000 after buying an additional 284,115 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares in the last quarter. Finally, Barclays PLC increased its stake in Onto Innovation by 1,296.7% during the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after buying an additional 201,640 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

About Onto Innovation

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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.

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Earnings History and Estimates for Onto Innovation (NYSE:ONTO)

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