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

Onto Innovation (NYSE:ONTO) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.140-1.260 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

ONTO has been the topic of several research reports. Benchmark upped their target price on Onto Innovation from $145.00 to $180.00 and gave the stock a buy rating in a research report on Friday, February 9th. StockNews.com upgraded shares of Onto Innovation from a sell rating to a hold rating in a research note on Monday, February 12th. Stifel Nicolaus upped their price objective on Onto Innovation from $188.00 to $215.00 and gave the company a buy rating in a research note on Monday, March 25th. Evercore ISI started coverage on shares of Onto Innovation in a research note on Tuesday, April 16th. They issued an outperform rating and a $235.00 target price for the company. Finally, B. Riley raised their target price on Onto Innovation from $195.00 to $205.00 and gave the company a buy rating in a research note on Friday, February 9th. Two 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, Onto Innovation currently has a consensus rating of Moderate Buy and a consensus target price of $191.60.

Onto Innovation Stock Performance

ONTO stock traded up $2.14 during mid-day trading on Thursday, hitting $208.29. 676,897 shares of the company were exchanged, compared to its average volume of 435,881. The firm has a market cap of $10.23 billion, a P/E ratio of 84.67 and a beta of 1.40. 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 200 day simple moving average is $161.29.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.10 by $0.08. The business had revenue of $228.80 million for the quarter, compared to analysts’ expectations of $222.60 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The firm’s revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 EPS. On average, equities research analysts predict that Onto Innovation will post 4.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Onto Innovation news, VP Yoon Ah Oh sold 2,685 shares of Onto Innovation stock in a transaction on Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the completion of the transaction, the vice president now directly owns 16,598 shares of the company’s stock, valued at $2,887,388.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Yoon Ah Oh sold 2,685 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $173.96, for a total value of $467,082.60. Following the completion of the sale, the vice president now directly owns 16,598 shares in the company, valued at approximately $2,887,388.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 directly owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is 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.