Onto Innovation (NYSE:ONTO) Announces Earnings Results

Onto Innovation (NYSE:ONTOGet Free Report) posted its quarterly earnings data on Thursday. The semiconductor company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.07, Briefing.com reports. The company had revenue of $219.00 million during the quarter, compared to analyst estimates of $209.06 million. Onto Innovation had a net margin of 14.85% and a return on equity of 11.08%. The company’s revenue was down 13.5% on a year-over-year basis. During the same quarter last year, the business posted $1.57 earnings per share. Onto Innovation updated its Q1 guidance to $1.00-$1.20 EPS and its Q1 2024 guidance to 1.000-1.200 EPS.

Onto Innovation Stock Performance

Shares of ONTO stock opened at $180.01 on Friday. Onto Innovation has a 52-week low of $76.01 and a 52-week high of $180.12. The stock has a market cap of $8.83 billion, a PE ratio of 73.17 and a beta of 1.39. The firm’s 50 day moving average price is $152.39 and its two-hundred day moving average price is $134.79.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ONTO shares. StockNews.com cut shares of Onto Innovation from a “hold” rating to a “sell” rating in a research note on Friday, January 19th. B. Riley increased their price target on shares of Onto Innovation from $195.00 to $205.00 and gave the company a “buy” rating in a research note on Friday. Benchmark increased their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the company a “buy” rating in a research note on Friday. Finally, Stifel Nicolaus increased their price target on shares of Onto Innovation from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.50.

Read Our Latest Stock Analysis on ONTO

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently bought and sold shares of ONTO. JPMorgan Chase & Co. boosted its stake in Onto Innovation by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 84,116 shares of the semiconductor company’s stock valued at $7,310,000 after acquiring an additional 5,850 shares during the last quarter. Citigroup Inc. boosted its stake in Onto Innovation by 5.4% in the first quarter. Citigroup Inc. now owns 52,277 shares of the semiconductor company’s stock valued at $4,543,000 after acquiring an additional 2,697 shares during the last quarter. AlphaCrest Capital Management LLC boosted its stake in Onto Innovation by 88.7% in the first quarter. AlphaCrest Capital Management LLC now owns 3,963 shares of the semiconductor company’s stock valued at $344,000 after acquiring an additional 1,863 shares during the last quarter. Bank of Montreal Can boosted its stake in Onto Innovation by 23.3% in the first quarter. Bank of Montreal Can now owns 15,977 shares of the semiconductor company’s stock valued at $1,392,000 after acquiring an additional 3,015 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Onto Innovation by 55.5% in the first quarter. MetLife Investment Management LLC now owns 26,215 shares of the semiconductor company’s stock valued at $2,278,000 after acquiring an additional 9,352 shares during the last quarter. 94.78% of the stock is owned by institutional investors.

Onto Innovation Company Profile

(Get Free Report)

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It 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; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.

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Earnings History for Onto Innovation (NYSE:ONTO)

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