FY2024 EPS Estimate for Onto Innovation Boosted by Analyst

Onto Innovation Inc. (NYSE:ONTO) – Stock analysts at Zacks Research lifted their FY2024 earnings estimates for Onto Innovation in a note issued to investors on Thursday, November 21st. Zacks Research analyst R. Department now expects that the semiconductor company will post earnings of $5.18 per share for the year, up from their prior forecast 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.

Several other equities research analysts also recently commented on ONTO. Jefferies Financial Group dropped 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. Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. Finally, Needham & Company LLC lowered their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $162.90 on Monday. The stock has a market capitalization of $8.05 billion, a PE ratio of 44.15, a P/E/G ratio of 1.06 and a beta of 1.37. Onto Innovation has a one year low of $134.11 and a one year high of $238.93. The business’s fifty day moving average price is $193.11 and its 200-day moving average price is $204.06.

Onto Innovation (NYSE:ONTO) last posted 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. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the prior year, the business earned $0.96 earnings per share. Onto Innovation’s revenue for the quarter was up 21.7% on a year-over-year basis.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently added to or reduced their stakes in the business. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. LGT Financial Advisors LLC lifted its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 90 shares during the last quarter. Fifth Third Bancorp grew its stake in Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after buying an additional 84 shares in the last quarter. Finally, Eastern Bank purchased a new position in Onto Innovation in the 3rd quarter worth approximately $65,000. Institutional investors own 98.35% of the company’s stock.

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.