Onto Innovation (NYSE:ONTO) Issues Q2 Earnings Guidance

Onto Innovation (NYSE:ONTO) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.14-1.26 for the period, compared to the consensus estimate of $1.12. The company issued revenue guidance of $230-240 million, compared to the consensus revenue estimate of $226.84 million.

Onto Innovation Price Performance

Onto Innovation stock traded up $2.27 during mid-day trading on Thursday, reaching $208.42. 676,716 shares of the company traded hands, compared to its average volume of 434,110. Onto Innovation has a fifty-two week low of $86.04 and a fifty-two week high of $213.47. The firm’s fifty day moving average is $185.56 and its two-hundred day moving average is $160.96. The company has a market capitalization of $10.24 billion, a price-to-earnings ratio of 83.81 and a beta of 1.40.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. The company had revenue of $219.00 million during the quarter, compared to analyst estimates of $209.06 million. Onto Innovation had a return on equity of 10.95% and a net margin of 14.85%. The firm’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter last year, the business posted $1.57 EPS. As a group, equities research analysts predict that Onto Innovation will post 4.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ONTO. StockNews.com raised shares of Onto Innovation from a sell rating to a hold rating in a research report on Monday, February 12th. B. Riley increased their price target on Onto Innovation from $195.00 to $205.00 and gave the stock a buy rating in a research report on Friday, February 9th. Benchmark boosted their price objective on Onto Innovation from $145.00 to $180.00 and gave the company a buy rating in a report on Friday, February 9th. Stifel Nicolaus raised their target price on Onto Innovation from $188.00 to $215.00 and gave the stock a buy rating in a report on Monday, March 25th. Finally, Evercore ISI initiated coverage on Onto Innovation in a report on Tuesday, April 16th. They issued an outperform rating and a $235.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $191.60.

Insiders Place Their Bets

In related news, Director David Brian Miller sold 2,800 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the completion of the sale, the director now owns 9,008 shares of the company’s stock, valued at approximately $1,535,773.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Michael P. Plisinski sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the sale, the chief executive officer now directly owns 235,492 shares in the company, valued at $41,324,136.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Brian Miller sold 2,800 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the completion of the transaction, the director now owns 9,008 shares in the company, valued at approximately $1,535,773.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is owned by corporate insiders.

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.