FY2024 EPS Estimates for Onto Innovation Raised by B. Riley

Onto Innovation Inc. (NYSE:ONTO) – B. Riley lifted their FY2024 earnings estimates for Onto Innovation in a research report issued to clients and investors on Friday, November 1st. B. Riley analyst C. Ellis now expects that the semiconductor company will earn $5.23 per share for the year, up from their previous forecast of $5.15. The consensus estimate for Onto Innovation’s current full-year earnings is $5.19 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 announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business’s revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS.

A number of other research firms have also issued reports on ONTO. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Jefferies Financial Group cut their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Oppenheimer boosted their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Stock Performance

Shares of ONTO opened at $173.65 on Monday. Onto Innovation has a 1 year low of $117.44 and a 1 year high of $238.93. The firm has a fifty day moving average of $201.06 and a 200-day moving average of $206.85. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 47.06, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37.

Institutional Trading of Onto Innovation

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP boosted its position 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 purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Onto Innovation in the 1st quarter valued at approximately $28,000. LGT Financial Advisors LLC boosted its stake in Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares during the period. Finally, Fifth Third Bancorp grew its position in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is currently owned by corporate insiders.

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.