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Onto Innovation (NYSE:ONTO) Issues Q3 2022 Earnings Guidance

Financial News Live ·  Sep 15, 2022 14:02

Onto Innovation (NYSE:ONTO – Get Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided EPS guidance of $1.21-$1.42 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

A number of analysts have commented on ONTO shares. DA Davidson reissued a buy rating on shares of Onto Innovation in a report on Wednesday, July 27th. B. Riley reduced their target price on Onto Innovation from $115.00 to $105.00 and set a buy rating for the company in a report on Wednesday, June 15th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $110.00.

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Onto Innovation Price Performance

Shares of ONTO traded down $1.20 during trading hours on Thursday, hitting $68.72. The stock had a trading volume of 3,359 shares, compared to its average volume of 205,253. Onto Innovation has a 12 month low of $59.95 and a 12 month high of $106.09. The firm has a market capitalization of $3.41 billion, a PE ratio of 17.96 and a beta of 1.36. The stock has a fifty day moving average price of $75.67 and a 200 day moving average price of $76.06.

Onto Innovation (NYSE:ONTO – Get Rating) last issued its quarterly earnings data on Tuesday, August 9th. The semiconductor company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.26 by $0.02. Onto Innovation had a return on equity of 16.52% and a net margin of 20.36%. The company had revenue of $256.30 million during the quarter, compared to analyst estimates of $241.80 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. Onto Innovation's revenue was up 32.5% compared to the same quarter last year. As a group, analysts anticipate that Onto Innovation will post 5.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Onto Innovation by 0.4% during the first quarter. Vanguard Group Inc. now owns 5,373,380 shares of the semiconductor company's stock valued at $466,892,000 after purchasing an additional 20,228 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Onto Innovation by 55.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,666,438 shares of the semiconductor company's stock valued at $116,217,000 after purchasing an additional 592,920 shares in the last quarter. State Street Corp lifted its position in Onto Innovation by 2.3% during the second quarter. State Street Corp now owns 1,625,040 shares of the semiconductor company's stock valued at $113,330,000 after purchasing an additional 36,101 shares in the last quarter. Robeco Schweiz AG lifted its position in Onto Innovation by 10.2% during the first quarter. Robeco Schweiz AG now owns 1,300,000 shares of the semiconductor company's stock valued at $112,957,000 after purchasing an additional 120,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Onto Innovation by 6.0% during the first quarter. Goldman Sachs Group Inc. now owns 956,452 shares of the semiconductor company's stock valued at $83,106,000 after purchasing an additional 53,795 shares in the last quarter. 95.06% of the stock is currently owned by hedge funds and other institutional investors.

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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