Onto Innovation (NYSE:ONTO) Announces Quarterly Earnings Results

Onto Innovation (NYSE:ONTO) announced its earnings results on Thursday. The semiconductor company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.10 by $0.08, Briefing.com reports. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The business had revenue of $228.80 million during the quarter, compared to the consensus estimate of $222.60 million. During the same quarter in the previous year, the firm posted $0.92 EPS. Onto Innovation’s revenue was up 14.9% compared to the same quarter last year. Onto Innovation updated its Q2 guidance to $1.14-1.26 EPS and its Q2 2024 guidance to 1.140-1.260 EPS.

Onto Innovation Trading Up 4.8 %

Shares of ONTO traded up $10.04 during trading hours on Friday, reaching $218.46. 240,003 shares of the stock traded hands, compared to its average volume of 433,156. Onto Innovation has a 52-week low of $86.04 and a 52-week high of $233.84. The company has a market cap of $10.73 billion, a P/E ratio of 84.67 and a beta of 1.40. The company’s 50-day moving average price is $186.05 and its two-hundred day moving average price is $161.29.

Analyst Upgrades and Downgrades

Several brokerages have commented on ONTO. StockNews.com raised Onto Innovation from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, March 25th. Evercore ISI started coverage on Onto Innovation in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $235.00 price target for the company. B. Riley raised their target price on Onto Innovation from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Benchmark boosted their price objective on shares of Onto Innovation from $145.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $200.60.

Insider Activity

In other news, CEO Michael P. Plisinski sold 40,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 235,492 shares in the company, valued at approximately $41,324,136.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Onto Innovation news, CEO Michael P. Plisinski sold 40,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Brian Miller sold 2,800 shares of the business’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 in the company, valued at $1,535,773.92. 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.

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.