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Onto Innovation (ONTO) Outperforms Broader Market: What You Need to Know
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Onto Innovation (ONTO - Free Report) closed at $189.08 in the latest trading session, marking a +0.15% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.12%, and the technology-dominated Nasdaq saw an increase of 0.07%.
Shares of the maker of semiconductor manufacturing equipment witnessed a loss of 14.01% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 4.62% and the S&P 500's loss of 0.21%.
Analysts and investors alike will be keeping a close eye on the performance of Onto Innovation in its upcoming earnings disclosure. The company's earnings report is set to go public on August 8, 2024. It is anticipated that the company will report an EPS of $1.19, marking a 50.63% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $235.6 million, up 23.57% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.05 per share and a revenue of $941.16 million, signifying shifts of +35.39% and +15.36%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Onto Innovation. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Onto Innovation is holding a Zacks Rank of #2 (Buy) right now.
With respect to valuation, Onto Innovation is currently being traded at a Forward P/E ratio of 37.39. This denotes a premium relative to the industry's average Forward P/E of 29.89.
The Nanotechnology industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 3, placing it within the top 2% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Onto Innovation (ONTO) Outperforms Broader Market: What You Need to Know
Onto Innovation (ONTO - Free Report) closed at $189.08 in the latest trading session, marking a +0.15% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.12%, and the technology-dominated Nasdaq saw an increase of 0.07%.
Shares of the maker of semiconductor manufacturing equipment witnessed a loss of 14.01% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 4.62% and the S&P 500's loss of 0.21%.
Analysts and investors alike will be keeping a close eye on the performance of Onto Innovation in its upcoming earnings disclosure. The company's earnings report is set to go public on August 8, 2024. It is anticipated that the company will report an EPS of $1.19, marking a 50.63% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $235.6 million, up 23.57% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.05 per share and a revenue of $941.16 million, signifying shifts of +35.39% and +15.36%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Onto Innovation. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Onto Innovation is holding a Zacks Rank of #2 (Buy) right now.
With respect to valuation, Onto Innovation is currently being traded at a Forward P/E ratio of 37.39. This denotes a premium relative to the industry's average Forward P/E of 29.89.
The Nanotechnology industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 3, placing it within the top 2% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.