Onto Innovation (NYSE:ONTO – Get Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.21-$1.42 for the period, compared to the consensus earnings per share estimate of $1.27. The company issued revenue guidance of $242.00 million-$258.00 million, compared to the consensus revenue estimate of $250.40 million.
Onto Innovation Price Performance
ONTO stock traded down $2.04 during trading on Friday, reaching $79.46. 326 shares of the stock traded hands, compared to its average volume of 303,778. The business’s 50 day moving average price is $74.42 and its 200-day moving average price is $78.26. Onto Innovation has a 52-week low of $59.95 and a 52-week high of $106.09. The firm has a market capitalization of $3.95 billion, a PE ratio of 21.62 and a beta of 1.33.
Onto Innovation (NYSE:ONTO – Get Rating) last posted its quarterly earnings results on Tuesday, August 9th. The semiconductor company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. Onto Innovation had a return on equity of 16.52% and a net margin of 20.36%. The firm had revenue of $256.30 million during the quarter, compared to the consensus estimate of $241.80 million. During the same quarter in the previous year, the business earned $0.92 earnings per share. The firm’s quarterly revenue was up 32.5% compared to the same quarter last year. On average, equities research analysts predict that Onto Innovation will post 5.27 earnings per share for the current year.
Wall Street Analyst Weigh In
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Several equities research analysts have recently weighed in on the company. Needham & Company LLC decreased their target price on Onto Innovation from $115.00 to $100.00 in a research report on Wednesday, May 4th. B. Riley cut their price target on Onto Innovation from $115.00 to $105.00 and set a buy rating on the stock in a research note on Wednesday, June 15th. Finally, DA Davidson reiterated a buy rating on shares of Onto Innovation in a research note on Wednesday, July 27th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Onto Innovation currently has a consensus rating of Buy and an average price target of $110.00.
Institutional Trading of Onto Innovation
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Onto Innovation by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 5,373,380 shares of the semiconductor company’s stock worth $466,892,000 after purchasing an additional 20,228 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Onto Innovation by 55.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,666,438 shares of the semiconductor company’s stock worth $116,217,000 after purchasing an additional 592,920 shares during the period. State Street Corp grew its holdings in Onto Innovation by 2.3% in the 2nd quarter. State Street Corp now owns 1,625,040 shares of the semiconductor company’s stock worth $113,330,000 after buying an additional 36,101 shares in the last quarter. Robeco Schweiz AG grew its holdings in Onto Innovation by 10.2% in the 1st quarter. Robeco Schweiz AG now owns 1,300,000 shares of the semiconductor company’s stock worth $112,957,000 after buying an additional 120,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Onto Innovation by 6.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 956,452 shares of the semiconductor company’s stock worth $83,106,000 after buying an additional 53,795 shares in the last quarter. 94.34% of the stock is currently owned by institutional investors and hedge funds.
About Onto Innovation
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 macro-defect inspection, packaging lithography, probe card test and analysis, 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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