Onto Innovation (NYSE:ONTO) Releases Quarterly Earnings Results

Key Points

• Onto Innovation beat quarterly estimates, reporting EPS of $2.44 versus $2.30 expected and revenue of $409.75 million versus $392.08 million expected.
• Shares rose 12% on Monday to $194.15 following the results.
• Analysts maintain a consensus Buy rating, with an average price target of $377.73.

Onto Innovation (NYSE:ONTO - Get Free Report) posted its quarterly earnings results on Monday. The semiconductor company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.30 by $0.14, FiscalAI reports. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. The business had revenue of $409.75 million during the quarter, compared to the consensus estimate of $392.08 million.

Onto Innovation Stock Up 12.0%

NYSE ONTO traded up $20.87 on Monday, hitting $194.15. 1,265,972 shares of the stock were exchanged, compared to its average volume of 1,058,672. 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 fifty-two week low of $121.57 and a fifty-two week high of $386.46. The company has a market cap of $9.53 billion, a PE ratio of 72.99, a PEG ratio of 0.57 and a beta of 1.66. The company has a 50-day moving average price of $253.65 and a 200-day moving average price of $259.30.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ONTO. The Goldman Sachs Group initiated coverage on Onto Innovation in a research note on Monday, August 17th. They issued a "buy" rating and a $400.00 price objective on the stock. Needham & Company LLC boosted their target price on Onto Innovation from $330.00 to $360.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Zacks Research upgraded Onto Innovation from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Morgan Stanley reduced their price target on Onto Innovation from $383.00 to $360.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 8th. Finally, Royal Bank Of Canada initiated coverage on Onto Innovation in a research report on Friday, October 2nd. They issued an "outperform" rating and a $400.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $377.73.

Insiders Place Their Bets

In related news, Director Susan D. Lynch sold 1,000 shares of the business's 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 transaction, the director owned 2,684 shares in the company, valued at approximately $811,373.20. The trade was a 27.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through 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 business'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 owned 10,692 shares of the company's stock, valued at approximately $3,207,600. The trade was a 15.76% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by company 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.

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