FY2024 EPS Estimates for Onto Innovation Raised by B. Riley

Onto Innovation Inc. (NYSE:ONTO) – Equities research analysts at B. Riley increased their FY2024 earnings per share (EPS) estimates for Onto Innovation in a research report issued to clients and investors on Friday, November 1st. B. Riley analyst C. Ellis now forecasts that the semiconductor company will earn $5.23 per share for the year, up from their prior forecast of $5.15. The consensus estimate for Onto Innovation’s current full-year earnings is $5.18 per share. B. Riley also issued estimates for Onto Innovation’s Q4 2024 earnings at $1.41 EPS, Q1 2025 earnings at $1.45 EPS, Q2 2025 earnings at $1.53 EPS, Q3 2025 earnings at $1.65 EPS, Q4 2025 earnings at $1.73 EPS, FY2025 earnings at $6.36 EPS and FY2026 earnings at $7.47 EPS.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business 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 13.61% and a net margin of 19.44%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the company earned $0.96 EPS.

ONTO has been the topic of a number of other reports. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report 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 research note on Friday. 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. Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Stifel Nicolaus boosted their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Price Performance

Shares of ONTO stock opened at $172.95 on Monday. The company has a market capitalization of $8.54 billion, a PE ratio of 46.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.37. The firm’s 50-day moving average is $201.79 and its two-hundred day moving average is $206.82. Onto Innovation has a 12 month low of $117.44 and a 12 month high of $238.93.

Insiders Place Their Bets

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Large investors have recently made changes to their positions in the company. Versor Investments LP lifted its holdings in Onto Innovation by 266.7% during the 3rd quarter. Versor Investments LP now owns 4,400 shares of the semiconductor company’s stock worth $913,000 after buying an additional 3,200 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Onto Innovation by 9.5% during the third quarter. Los Angeles Capital Management LLC now owns 127,326 shares of the semiconductor company’s stock worth $26,428,000 after purchasing an additional 10,994 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Onto Innovation by 25.3% during the third quarter. Crossmark Global Holdings Inc. now owns 3,805 shares of the semiconductor company’s stock worth $790,000 after purchasing an additional 769 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Onto Innovation in the 3rd quarter valued at about $23,367,000. Finally, Assetmark Inc. boosted its position in shares of Onto Innovation by 2.4% in the 3rd quarter. Assetmark Inc. now owns 40,773 shares of the semiconductor company’s stock valued at $8,463,000 after purchasing an additional 938 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.