Onto Innovation (NYSE:ONTO) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Onto Innovation (NYSE:ONTO) released its quarterly earnings results on Tuesday. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04, FiscalAI reports. The business had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. Onto Innovation had a return on equity of 12.20% and a net margin of 13.60%.

Onto Innovation Price Performance

ONTO stock traded up $5.21 during midday trading on Tuesday, reaching $304.76. The company had a trading volume of 1,279,661 shares, compared to its average volume of 901,572. Onto Innovation has a 1-year low of $85.88 and a 1-year high of $316.00. The stock has a 50 day moving average price of $230.54 and a 200-day moving average price of $189.51. The company has a market capitalization of $15.16 billion, a price-to-earnings ratio of 110.02, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently made changes to their positions in ONTO. Van ECK Associates Corp increased its stake in Onto Innovation by 17.2% in the third quarter. Van ECK Associates Corp now owns 1,557 shares of the semiconductor company’s stock valued at $201,000 after acquiring an additional 228 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Onto Innovation by 8.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock valued at $186,000 after purchasing an additional 92 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Onto Innovation by 1,446.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 773 shares of the semiconductor company’s stock worth $122,000 after purchasing an additional 723 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Onto Innovation by 48.5% in the 4th quarter. UMB Bank n.a. now owns 713 shares of the semiconductor company’s stock valued at $113,000 after purchasing an additional 233 shares in the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Onto Innovation in the 3rd quarter valued at $85,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ONTO has been the topic of several recent research reports. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Jefferies Financial Group reissued a “buy” rating and issued a $300.00 target price on shares of Onto Innovation in a research report on Friday, February 20th. Evercore reaffirmed an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a research report on Friday, April 17th. Needham & Company LLC lifted their price objective on shares of Onto Innovation from $275.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $300.63.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.