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Onto Innovation (ONTO) Advances While Market Declines: Some Information for Investors
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Onto Innovation (ONTO - Free Report) ended the recent trading session at $211.91, demonstrating a +1.6% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.
The maker of semiconductor manufacturing equipment's stock has dropped by 2.26% in the past month, falling short of the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96%.
The upcoming earnings release of Onto Innovation will be of great interest to investors. The company's earnings report is expected on August 8, 2024. The company's upcoming EPS is projected at $1.19, signifying a 50.63% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $235.6 million, indicating a 23.57% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.05 per share and revenue of $941.16 million, which would represent changes of +35.39% and +15.36%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Onto Innovation. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Onto Innovation currently has a Zacks Rank of #2 (Buy).
From a valuation perspective, Onto Innovation is currently exchanging hands at a Forward P/E ratio of 41.3. For comparison, its industry has an average Forward P/E of 31.85, which means Onto Innovation is trading at a premium to the group.
The Nanotechnology industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 4, putting it in the top 2% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Onto Innovation (ONTO) Advances While Market Declines: Some Information for Investors
Onto Innovation (ONTO - Free Report) ended the recent trading session at $211.91, demonstrating a +1.6% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.
The maker of semiconductor manufacturing equipment's stock has dropped by 2.26% in the past month, falling short of the Computer and Technology sector's gain of 0.47% and the S&P 500's gain of 1.96%.
The upcoming earnings release of Onto Innovation will be of great interest to investors. The company's earnings report is expected on August 8, 2024. The company's upcoming EPS is projected at $1.19, signifying a 50.63% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $235.6 million, indicating a 23.57% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.05 per share and revenue of $941.16 million, which would represent changes of +35.39% and +15.36%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Onto Innovation. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Onto Innovation currently has a Zacks Rank of #2 (Buy).
From a valuation perspective, Onto Innovation is currently exchanging hands at a Forward P/E ratio of 41.3. For comparison, its industry has an average Forward P/E of 31.85, which means Onto Innovation is trading at a premium to the group.
The Nanotechnology industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 4, putting it in the top 2% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.