Zacks Research Comments on Onto Innovation Inc.’s Q1 2023 Earnings (NYSE:ONTO)

Posted by Defense World Staff on Apr 7th, 2023

Onto Innovation Inc. (NYSE:ONTO – Get Rating) – Investment analysts at Zacks Research issued their Q1 2023 earnings per share estimates for Onto Innovation in a report released on Monday, April 3rd. Zacks Research analyst V. Doshi expects that the semiconductor company will post earnings of $0.88 per share for the quarter. The consensus estimate for Onto Innovation’s current full-year earnings is $3.73 per share. Zacks Research also issued estimates for Onto Innovation’s Q2 2023 earnings at $0.88 EPS, Q3 2023 earnings at $0.95 EPS, Q4 2023 earnings at $0.98 EPS, FY2023 earnings at $3.68 EPS, Q1 2024 earnings at $0.95 EPS, Q2 2024 earnings at $1.00 EPS, Q3 2024 earnings at $1.09 EPS, Q4 2024 earnings at $1.18 EPS, FY2024 earnings at $4.22 EPS, Q1 2025 earnings at $1.02 EPS and FY2025 earnings at $4.67 EPS.

Onto Innovation (NYSE:ONTO – Get Rating) last issued its quarterly earnings data on Thursday, February 9th. The semiconductor company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.23. Onto Innovation had a net margin of 22.22% and a return on equity of 17.82%. The firm had revenue of $253.27 million during the quarter, compared to analysts’ expectations of $252.80 million. During the same period in the prior year, the company posted $1.23 earnings per share. Onto Innovation’s revenue for the quarter was up 12.2% on a year-over-year basis.

Several other research firms have also weighed in on ONTO. StockNews.com assumed coverage on shares of Onto Innovation in a report on Thursday, March 16th. They issued a “buy” rating on the stock. Benchmark restated a “buy” rating and set a $92.00 price objective (up from $85.00) on shares of Onto Innovation in a report on Friday, February 10th. B. Riley raised their price objective on shares of Onto Innovation from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 10th. Needham & Company LLC raised their target price on shares of Onto Innovation from $75.00 to $92.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Finally, DA Davidson raised their target price on shares of Onto Innovation from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $96.00.

Onto Innovation Price Performance

ONTO opened at $81.07 on Thursday. Onto Innovation has a one year low of $56.02 and a one year high of $89.75. The company’s 50 day simple moving average is $83.15 and its 200-day simple moving average is $75.87. The stock has a market capitalization of $3.95 billion, a P/E ratio of 18.06 and a beta of 1.47.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC raised its position in shares of Onto Innovation by 40.2% in the 4th quarter. Voya Investment Management LLC now owns 285,579 shares of the semiconductor company’s stock valued at $19,445,000 after buying an additional 81,922 shares in the last quarter. Alliancebernstein L.P. increased its position in Onto Innovation by 9.5% in the 4th quarter. Alliancebernstein L.P. now owns 1,246,763 shares of the semiconductor company’s stock valued at $84,892,000 after acquiring an additional 108,218 shares during the period. Point72 Middle East FZE acquired a new position in Onto Innovation in the 4th quarter valued at approximately $375,000. IMA Wealth Inc. increased its position in Onto Innovation by 74.2% in the 4th quarter. IMA Wealth Inc. now owns 28,699 shares of the semiconductor company’s stock valued at $1,954,000 after acquiring an additional 12,226 shares during the period. Finally, Pier Capital LLC increased its position in Onto Innovation by 17.8% in the 4th quarter. Pier Capital LLC now owns 117,262 shares of the semiconductor company’s stock valued at $7,984,000 after acquiring an additional 17,726 shares during the period. 93.59% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Company Profile

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Onto Innovation, Inc engages in designing, developing and manufacturing process control systems. It offers process control, combining global scale with an expanded portfolio of technologies that include: 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging.