Equities research analysts at B. Riley have increased their Earnings per share estimates for Onto Innovation Inc. for the third quarter of 2023. B. Riley analyst C. Ellis now predicts that the semiconductor company will earn $0.93 per share, up from the previous forecast of $0.85. The consensus estimate for Onto Innovation’s full-year earnings is $3.64 per share.

B. Riley has also provided earnings estimates for future quarters. They anticipate Onto Innovation to earn $0.98 per share for Q4 2023, $0.98 per share for Q1 2024, $1.05 per share for Q2 2024, $1.11 per share for Q3 2024, and $1.09 per share for Q4 2024.

Other research analysts have also weighed in on Onto Innovation. Stifel Nicolaus raised their price objective on the company from $97.00 to $124.00. Needham & Company downgraded Onto Innovation from a “buy” to a “hold” rating. Benchmark increased their price target to $118.00. StockNews.com issued a “hold” rating on the stock. Jefferies Financial Group raised the target price from $100.00 to $123.00.

Onto Innovation’s stock traded down 1.2% during midday trading, reaching $107.98. The company has a market cap of $5.28 billion, a P/E ratio of 27.28, and a beta of 1.39. The company’s 50-day moving average is $107.96.

In its last earnings report, Onto Innovation reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88. The company had a return on equity of 16.09% and a net margin of 20.67%. The company’s revenue for the quarter was $199.17 million, down 17.5% compared to the same quarter last year.

Insider activity includes Director David Brian Miller selling 5,000 shares of the company’s stock, and SVP Ju Jin selling 3,231 shares. Hedge funds and institutional investors have made recent changes to their positions in the stock, including Ellevest Inc., Harel Insurance Investments & Financial Services Ltd., Public Employees Retirement System of Ohio, Pacer Advisors Inc., and Point72 Hong Kong Ltd.

Onto Innovation engages in the design, development, manufacture, and support of process control tools and software for optical metrology, defect inspection, and lithography systems.

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