Onto Innovation (NYSE:ONTO) Posts Earnings Results, Beats Estimates By $0.14 EPS

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

Onto Innovation Trading Up 12.0%

Onto Innovation stock traded up $20.87 during midday trading on Monday, reaching $194.15. The stock had a trading volume of 1,299,945 shares, compared to its average volume of 1,060,768. The company has a quick ratio of 8.33, a current ratio of 9.73 and a debt-to-equity ratio of 0.77. Onto Innovation has a 52-week low of $121.57 and a 52-week high of $386.46. The firm has a market cap of $9.53 billion, a price-to-earnings ratio of 72.99, a price-to-earnings-growth ratio of 0.57 and a beta of 1.66. The company has a fifty day moving average of $253.65 and a 200 day moving average of $259.30.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ONTO shares. Needham & Company LLC upped their price objective on Onto Innovation from $330.00 to $360.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Evercore restated an “outperform” rating and issued a $390.00 target price on shares of Onto Innovation in a report on Friday, August 7th. Morgan Stanley decreased their target price on shares of Onto Innovation from $383.00 to $360.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 8th. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, B. Riley Financial lowered their price target on shares of Onto Innovation from $340.00 to $285.00 and set a “buy” rating for the company in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Onto Innovation presently has an average rating of “Buy” and an average target price of $377.73.

Insider Activity at Onto Innovation

In other Onto Innovation news, Director David Miller sold 2,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan Lynch sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $302.30, for a total value of $302,300.00. Following the transaction, the director directly owned 2,684 shares in the company, valued at approximately $811,373.20. This represents a 27.14% decrease in their position. 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 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.