FY2024 EPS Estimates for Onto Innovation Boosted by Analyst

Onto Innovation Inc. (NYSE:ONTO - Free Report) - Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for Onto Innovation in a report issued on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the semiconductor company will post earnings of $5.18 per share for the year, up from their prior 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.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.96 EPS.

Several other equities research analysts also recently issued reports on ONTO. Needham & Company LLC cut their target price 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 reissued a "buy" rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer increased their price target on Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $254.29.

Onto Innovation Price Performance

ONTO stock traded down $1.10 during trading hours on Monday, reaching $165.19. The stock had a trading volume of 951,814 shares, compared to its average volume of 594,149. The stock has a 50-day simple moving average of $194.17 and a 200 day simple moving average of $204.79. Onto Innovation has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The stock has a market capitalization of $8.16 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in Onto Innovation by 2.8% during the third quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company's stock valued at $305,107,000 after purchasing an additional 39,367 shares in the last quarter. Congress Asset Management Co. raised its holdings in shares of Onto Innovation by 38.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company's stock worth $222,670,000 after buying an additional 295,869 shares in the last quarter. Geneva Capital Management LLC lifted its position in shares of Onto Innovation by 2.6% during the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company's stock worth $195,032,000 after buying an additional 23,628 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company's stock valued at $188,115,000 after buying an additional 189,769 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Onto Innovation by 1.6% in the third quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company's stock valued at $173,401,000 after acquiring an additional 13,405 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares of the company's stock, valued at approximately $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is owned by 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.