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

Onto Innovation (NYSE:ONTO - Get Free Report) released its quarterly earnings data on Thursday. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03, Briefing.com reports. Onto Innovation had a net margin of 19.44% and a return on equity of 13.61%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. Onto Innovation's quarterly 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 Price Performance

Shares of ONTO traded down $22.23 during trading hours on Friday, reaching $176.10. 1,839,738 shares of the company's stock traded hands, compared to its average volume of 644,749. Onto Innovation has a twelve month low of $115.07 and a twelve month high of $238.93. The business's fifty day simple moving average is $202.50 and its two-hundred day simple moving average is $206.68. The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of 47.72, a P/E/G ratio of 1.28 and a beta of 1.37.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Benchmark reiterated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday. Jefferies Financial Group lowered their price objective on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research note on Friday. Needham & Company LLC cut their target price on Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday. Oppenheimer boosted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Friday. Finally, Stifel Nicolaus increased their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, July 15th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $254.29.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.72% of the company's stock.

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.