Onto Innovation (NYSE:ONTO) Issues Q2 2024 Earnings Guidance

Onto Innovation (NYSE:ONTO) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.140-1.260 for the period, compared to the consensus EPS estimate of 1.110. The company issued revenue guidance of $230.0 million-$240.0 million, compared to the consensus revenue estimate of $226.0 million. Onto Innovation also updated its Q2 guidance to $1.14-1.26 EPS.

Wall Street Analysts Forecast Growth

ONTO has been the subject of a number of research reports. B. Riley increased their target price on Onto Innovation from $195.00 to $205.00 and gave the stock a buy rating in a research note on Friday, February 9th. Benchmark raised their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the stock a buy rating in a research report on Friday, February 9th. Stifel Nicolaus raised their price objective on Onto Innovation from $188.00 to $215.00 and gave the stock a buy rating in a research note on Monday, March 25th. Evercore ISI initiated coverage on shares of Onto Innovation in a report on Tuesday, April 16th. They set an outperform rating and a $235.00 price target for the company. Finally, StockNews.com upgraded Onto Innovation from a sell rating to a hold rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $191.60.

Onto Innovation Stock Up 1.0 %

Shares of NYSE:ONTO traded up $2.14 on Thursday, hitting $208.29. The company had a trading volume of 676,897 shares, compared to its average volume of 435,881. Onto Innovation has a 1 year low of $86.04 and a 1 year high of $213.47. The firm’s 50-day simple moving average is $186.05 and its two-hundred day simple moving average is $161.29. The firm has a market capitalization of $10.23 billion, a price-to-earnings ratio of 84.67 and a beta of 1.40.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, May 9th. The semiconductor company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.08. Onto Innovation had a return on equity of 10.95% and a net margin of 14.85%. The firm had revenue of $228.80 million for the quarter, compared to analysts’ expectations of $222.60 million. During the same period in the prior year, the firm posted $0.92 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Equities research analysts anticipate that Onto Innovation will post 4.7 EPS for the current year.

Insider Activity

In related news, CEO Michael P. Plisinski sold 40,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now directly owns 235,492 shares of the company’s stock, valued at $41,324,136.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Onto Innovation news, Director David Brian Miller sold 2,800 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $170.49, for a total value of $477,372.00. Following the transaction, the director now owns 9,008 shares of the company’s stock, valued at approximately $1,535,773.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael P. Plisinski sold 40,000 shares of Onto Innovation stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total value of $7,019,200.00. Following the sale, the chief executive officer now owns 235,492 shares of the company’s stock, valued at $41,324,136.16. The disclosure for this sale can be found here. Insiders have sold 47,170 shares of company stock worth $8,266,955 over the last ninety days. 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.