Onto Innovation (NYSE:ONTO – Get Rating) issued an update on its third quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.21-$1.42 for the period, compared to the consensus earnings per share estimate of $1.27. The company issued revenue guidance of $242.00 million-$258.00 million, compared to the consensus revenue estimate of $250.40 million.
Onto Innovation Stock Performance
ONTO stock traded down $0.41 during midday trading on Wednesday, reaching $65.57. 1,754 shares of the company traded hands, compared to its average volume of 245,639. Onto Innovation has a 52-week low of $59.95 and a 52-week high of $106.09. The business has a 50 day moving average of $75.41 and a 200-day moving average of $77.32. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 17.50 and a beta of 1.36.
Get Onto Innovation alerts:Onto Innovation (NYSE:ONTO – Get Rating) last issued its quarterly earnings data on Tuesday, August 9th. The semiconductor company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. The business had revenue of $256.30 million for the quarter, compared to the consensus estimate of $241.80 million. Onto Innovation had a return on equity of 16.52% and a net margin of 20.36%. The company's quarterly revenue was up 32.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 earnings per share. Research analysts anticipate that Onto Innovation will post 5.27 earnings per share for the current year.
Analyst Ratings Changes
A number of research analysts have recently commented on ONTO shares. B. Riley cut their target price on Onto Innovation from $115.00 to $105.00 and set a buy rating on the stock in a research note on Wednesday, June 15th. DA Davidson reaffirmed a buy rating on shares of Onto Innovation in a research note on Wednesday, July 27th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $110.00.Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. grew its stake in Onto Innovation by 0.5% in the second quarter. UBS Asset Management Americas Inc. now owns 62,508 shares of the semiconductor company's stock worth $4,359,000 after purchasing an additional 333 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Onto Innovation by 1.0% in the first quarter. Allianz Asset Management GmbH now owns 44,775 shares of the semiconductor company's stock worth $3,890,000 after purchasing an additional 439 shares in the last quarter. Guggenheim Capital LLC grew its stake in Onto Innovation by 11.6% in the first quarter. Guggenheim Capital LLC now owns 4,276 shares of the semiconductor company's stock worth $371,000 after purchasing an additional 445 shares in the last quarter. LPL Financial LLC grew its stake in Onto Innovation by 2.9% in the second quarter. LPL Financial LLC now owns 17,134 shares of the semiconductor company's stock worth $1,109,000 after purchasing an additional 490 shares in the last quarter. Finally, Captrust Financial Advisors grew its stake in Onto Innovation by 14.9% in the first quarter. Captrust Financial Advisors now owns 4,284 shares of the semiconductor company's stock worth $372,000 after purchasing an additional 554 shares in the last quarter. Institutional investors own 95.06% of the company's stock.
About Onto Innovation
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Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It offers process and yield management solutions, and device packaging and test facilities through standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, and transparent and opaque thin film measurements; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.
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