Onto Innovation (NYSE:ONTO) Releases Q3 Earnings Guidance

Onto Innovation (NYSE:ONTO) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.25-1.35 for the period, compared to the consensus earnings per share estimate of $1.22. The company issued revenue guidance of $245-255 million, compared to the consensus revenue estimate of $233.80 million.

Onto Innovation Price Performance

ONTO traded up $13.81 during trading on Thursday, hitting $177.81. The company’s stock had a trading volume of 928,383 shares, compared to its average volume of 547,284. Onto Innovation has a twelve month low of $105.58 and a twelve month high of $238.93. The firm’s 50 day moving average price is $211.53 and its 200-day moving average price is $195.93. The stock has a market cap of $8.76 billion, a PE ratio of 58.37 and a beta of 1.39.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.08. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business had revenue of $228.80 million for the quarter, compared to analyst estimates of $222.60 million. During the same period in the prior year, the firm posted $0.92 EPS. The company’s revenue was up 14.9% on a year-over-year basis. Equities analysts anticipate that Onto Innovation will post 5.05 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. B. Riley raised their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the company a buy rating in a report on Thursday, June 20th. Stifel Nicolaus increased their price target on Onto Innovation from $240.00 to $270.00 and gave the company a buy rating in a report on Monday, July 15th. Jefferies Financial Group started coverage on Onto Innovation in a research report on Monday, May 13th. They issued a buy rating and a $265.00 target price for the company. Needham & Company LLC reiterated a hold rating on shares of Onto Innovation in a report on Friday, May 10th. Finally, Evercore ISI increased their price objective on shares of Onto Innovation from $235.00 to $250.00 and gave the company an outperform rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Onto Innovation currently has a consensus rating of Moderate Buy and an average target price of $259.00.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,486 shares of Onto Innovation stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the transaction, the senior vice president now directly owns 17,433 shares in the company, valued at $3,720,202.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the sale, the chief financial officer now directly owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Srinivas Vedula sold 1,486 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total transaction of $317,112.40. Following the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

About Onto Innovation

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.