Onto Innovation Inc. (NYSE:ONTO) Forecasted to Post Q1 2024 Earnings of $1.08 Per Share

Onto Innovation Inc. (NYSE:ONTOFree Report) – Investment analysts at Zacks Research increased their Q1 2024 earnings per share (EPS) estimates for Onto Innovation in a report released on Thursday, February 29th. Zacks Research analyst R. Department now anticipates that the semiconductor company will earn $1.08 per share for the quarter, up from their previous forecast of $0.97. The consensus estimate for Onto Innovation’s current full-year earnings is $4.65 per share. Zacks Research also issued estimates for Onto Innovation’s Q2 2024 earnings at $1.07 EPS, Q3 2024 earnings at $1.19 EPS, Q4 2024 earnings at $1.23 EPS, FY2024 earnings at $4.57 EPS, Q1 2025 earnings at $1.26 EPS, Q2 2025 earnings at $1.24 EPS, Q3 2025 earnings at $1.30 EPS, Q4 2025 earnings at $1.37 EPS, FY2025 earnings at $5.17 EPS and FY2026 earnings at $5.73 EPS.

ONTO has been the subject of a number of other reports. Stifel Nicolaus raised their price target on Onto Innovation from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, November 10th. B. Riley lifted 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 lifted their target price on Onto Innovation from $145.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com upgraded Onto Innovation from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $164.50.

Read Our Latest Stock Analysis on Onto Innovation

Onto Innovation Stock Up 2.0 %

ONTO stock opened at $184.16 on Friday. The business has a 50 day moving average price of $161.02 and a two-hundred day moving average price of $140.38. The company has a market cap of $9.05 billion, a price-to-earnings ratio of 74.86 and a beta of 1.39. Onto Innovation has a twelve month low of $76.40 and a twelve month high of $186.38.

Onto Innovation (NYSE:ONTOGet Free Report) last posted its quarterly earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The firm had revenue of $219.00 million during the quarter, compared to the consensus estimate of $209.06 million. Onto Innovation had a return on equity of 10.95% and a net margin of 14.85%. The business’s revenue was down 13.5% compared to the same quarter last year. During the same period last year, the company earned $1.57 earnings per share.

Institutional Trading of Onto Innovation

Several hedge funds have recently added to or reduced their stakes in ONTO. Fifth Third Bancorp lifted its holdings in Onto Innovation by 198.3% during the 4th quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 115 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in Onto Innovation during the 4th quarter worth approximately $28,000. Huntington National Bank raised its holdings in Onto Innovation by 70.3% in the 3rd quarter. Huntington National Bank now owns 247 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 102 shares in the last quarter. GAMMA Investing LLC acquired a new position in Onto Innovation in the 4th quarter valued at $33,000. Finally, Public Employees Retirement System of Ohio raised its holdings in Onto Innovation by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 175 shares in the last quarter. 94.78% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Brian Miller sold 2,800 shares of Onto Innovation stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $170.49, for a total transaction of $477,372.00. Following the completion of the sale, the director now directly owns 9,008 shares of the company’s stock, valued at approximately $1,535,773.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by insiders.

Onto Innovation Company Profile

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Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It 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; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.

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Earnings History and Estimates for Onto Innovation (NYSE:ONTO)

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