Q3 2023 EPS Estimates for Onto Innovation Inc. Cut by Analyst (NYSE:ONTO)

Onto Innovation Inc. (NYSE:ONTO) – Investment analysts at Zacks Research lowered their Q3 2023 earnings estimates for Onto Innovation in a research note issued on Thursday, August 24th. Zacks Research analyst H. Sadavartia now forecasts that the semiconductor company will post earnings per share of $0.95 for the quarter, down from their prior estimate of $0.96. The consensus estimate for Onto Innovation’s current full-year earnings is $3.64 per share. Zacks Research also issued estimates for Onto Innovation’s Q4 2023 earnings at $0.96 EPS, FY2023 earnings at $3.62 EPS, Q1 2024 earnings at $0.93 EPS, Q2 2024 earnings at $1.03 EPS, Q3 2024 earnings at $1.18 EPS, Q4 2024 earnings at $1.18 EPS, FY2024 earnings at $4.32 EPS, Q1 2025 earnings at $1.08 EPS, Q2 2025 earnings at $1.16 EPS and FY2025 earnings at $4.80 EPS.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, August 10th. The semiconductor company reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.04). Onto Innovation had a return on equity of 14.20% and a net margin of 19.32%. The firm had revenue of $190.66 million for the quarter, compared to analyst estimates of $203.00 million. During the same quarter last year, the business posted $1.28 EPS. The firm’s revenue was down 25.6% compared to the same quarter last year.

Other equities analysts also recently issued research reports about the stock. B. Riley raised their target price on shares of Onto Innovation from $135.00 to $140.00 in a research note on Monday, July 17th. Jefferies Financial Group raised their price objective on shares of Onto Innovation from $100.00 to $123.00 in a report on Monday, June 5th. Stifel Nicolaus raised their price objective on shares of Onto Innovation from $124.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Benchmark raised their price objective on shares of Onto Innovation from $118.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, August 11th. Finally, Needham & Company LLC lowered shares of Onto Innovation from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.33.

Onto Innovation Stock Down 1.0 %

Shares of ONTO opened at $113.60 on Monday. The firm has a market cap of $5.57 billion, a PE ratio of 32.36 and a beta of 1.39. The company’s fifty day moving average is $112.79 and its two-hundred day moving average is $97.32. Onto Innovation has a fifty-two week low of $56.02 and a fifty-two week high of $126.64.

Insider Activity

In other news, CEO Michael P. Plisinski sold 31,000 shares of Onto Innovation stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $112.85, for a total value of $3,498,350.00. Following the completion of the transaction, the chief executive officer now directly owns 251,794 shares of the company’s stock, valued at approximately $28,414,952.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Onto Innovation news, SVP Ju Jin sold 1,232 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $107.72, for a total transaction of $132,711.04. Following the completion of the transaction, the senior vice president now directly owns 13,485 shares of the company’s stock, valued at approximately $1,452,604.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael P. Plisinski sold 31,000 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $112.85, for a total transaction of $3,498,350.00. Following the transaction, the chief executive officer now directly owns 251,794 shares of the company’s stock, valued at $28,414,952.90. The disclosure for this sale can be found here. In the last three months, insiders sold 35,463 shares of company stock valued at $3,970,865. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Onto Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Onto Innovation during the 2nd quarter worth about $31,000. Pacer Advisors Inc. raised its holdings in shares of Onto Innovation by 637.7% in the 2nd quarter. Pacer Advisors Inc. now owns 391 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 338 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Onto Innovation by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 175 shares in the last quarter. CWM LLC raised its holdings in shares of Onto Innovation by 16.2% in the 2nd quarter. CWM LLC now owns 646 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 90 shares in the last quarter. Finally, Pinebridge Investments L.P. bought a new stake in shares of Onto Innovation in the 2nd quarter worth approximately $78,000. 95.44% of the stock is currently owned by institutional investors.

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 optical metrology, macro-defect inspection, packaging lithography, 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.