Cantor Fitzgerald Forecasts Onto Innovation FY2024 Earnings

Onto Innovation Inc. (NYSE:ONTO - Free Report) - Research analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for Onto Innovation in a research note issued to investors on Monday, January 13th. Cantor Fitzgerald analyst M. Prisco expects that the semiconductor company will earn $5.24 per share for the year. Cantor Fitzgerald currently has a "Overweight" rating and a $250.00 target price on the stock. The consensus estimate for Onto Innovation's current full-year earnings is $5.22 per share.

ONTO has been the topic of several other reports. Oppenheimer reiterated an "outperform" rating and set a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Benchmark reaffirmed a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Jefferies Financial Group lowered their price target on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $253.75.

Onto Innovation Stock Performance

ONTO stock traded up $3.21 during mid-day trading on Wednesday, reaching $205.36. 782,062 shares of the stock traded hands, compared to its average volume of 735,494. Onto Innovation has a one year low of $141.79 and a one year high of $238.93. The stock has a market capitalization of $10.14 billion, a PE ratio of 55.65, a PEG ratio of 1.07 and a beta of 1.29. The business has a 50-day moving average price of $171.96 and a two-hundred day moving average price of $191.96.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million for 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%. The firm's revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share.

Hedge Funds Weigh In On Onto Innovation

A number of large investors have recently added to or reduced their stakes in ONTO. Acadian Asset Management LLC purchased a new position in shares of Onto Innovation in the 2nd quarter worth approximately $397,000. Envestnet Asset Management Inc. grew its holdings in Onto Innovation by 15.6% in the second quarter. Envestnet Asset Management Inc. now owns 68,943 shares of the semiconductor company's stock worth $15,137,000 after purchasing an additional 9,319 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Onto Innovation by 28.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock worth $188,115,000 after purchasing an additional 189,769 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Onto Innovation during the 2nd quarter valued at $5,878,000. Finally, Virtu Financial LLC acquired a new stake in shares of Onto Innovation in the 2nd quarter worth $1,558,000. 98.35% of the stock is currently owned by institutional investors.

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.