Cantor Fitzgerald Predicts Onto Innovation FY2024 Earnings

Onto Innovation Inc. (NYSE:ONTO) – Research analysts at Cantor Fitzgerald issued their FY2024 EPS estimates for Onto Innovation in a research note issued on Monday, January 13th. Cantor Fitzgerald analyst M. Prisco anticipates that the semiconductor company will post earnings of $5.24 per share for the year. Cantor Fitzgerald has a “Overweight” rating and a $250.00 price objective on the stock. The consensus estimate for Onto Innovation’s current full-year earnings is $5.22 per share.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same period in the prior year, the company earned $0.96 EPS. Onto Innovation’s revenue for the quarter was up 21.7% on a year-over-year basis.

Several other equities research analysts also recently weighed in on the company. Jefferies Financial Group cut their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a research note on Tuesday, December 17th. Finally, Needham & Company LLC cut their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $253.75.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $201.95 on Wednesday. Onto Innovation has a one year low of $141.79 and a one year high of $238.93. The company has a market cap of $9.97 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 1.07 and a beta of 1.29. The firm has a 50 day simple moving average of $171.96 and a 200 day simple moving average of $191.96.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Quarry LP increased its stake in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares during the period. Versant Capital Management Inc increased its position in Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 197 shares in the last quarter. Eastern Bank bought a new stake in Onto Innovation in the 3rd quarter valued at about $65,000. Finally, UMB Bank n.a. raised its stake in Onto Innovation by 62.0% during the 3rd quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock worth $67,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also 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.