Onto Innovation (NYSE:ONTO) Issues Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Onto Innovation (NYSE:ONTO) announced its quarterly earnings results on Monday. The semiconductor company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.14, FiscalAI reports. The firm had revenue of $409.75 million during the quarter, compared to the consensus estimate of $392.08 million. Onto Innovation had a return on equity of 13.44% and a net margin of 11.84%.

Onto Innovation Stock Performance

Shares of ONTO traded up $20.87 during mid-day trading on Monday, reaching $194.15. 1,265,972 shares of the company’s stock were exchanged, compared to its average volume of 1,058,672. The business’s fifty day simple moving average is $253.65 and its 200-day simple moving average is $259.30. The stock has a market capitalization of $9.53 billion, a PE ratio of 72.99, a price-to-earnings-growth ratio of 0.57 and a beta of 1.66. Onto Innovation has a 52-week low of $121.57 and a 52-week high of $386.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 9.73 and a quick ratio of 8.33.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC raised their price objective on shares of Onto Innovation from $330.00 to $360.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Jefferies Financial Group upped their target price on shares of Onto Innovation from $350.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 7th. Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. The Goldman Sachs Group began coverage on shares of Onto Innovation in a research note on Monday, August 17th. They set a “buy” rating and a $400.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Onto Innovation in a research report on Tuesday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $377.73.

Insider Buying and Selling at Onto Innovation

In related news, Director Susan D. Lynch sold 1,000 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $302.30, for a total transaction of $302,300.00. Following the completion of the sale, the director owned 2,684 shares in the company, valued at $811,373.20. This represents a 27.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Miller sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the transaction, the director directly owned 10,692 shares in the company, valued at $3,207,600. The trade was a 15.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is owned by corporate insiders.

About Onto Innovation

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects.

The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.

Onto Innovation was formed in 2019 through the merger of Nanometrics and Rudolph Technologies.