Onto Innovation (ONTO) ended the recent trading session at $96.95, demonstrating a -1.77% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 0.01%. Meanwhile, the Dow lost 0.32%, and the Nasdaq, a tech-heavy index, added 0.05%.
Prior to today's trading, shares of the maker of semiconductor manufacturing equipment had gained 1.78% lagged the Computer and Technology sector's gain of 7.44% and the S&P 500's gain of 5.37%.
Market participants will be closely following the financial results of Onto Innovation in its upcoming release. On that day, Onto Innovation is projected to report earnings of $1.27 per share, which would represent a year-over-year decline of 3.79%. Meanwhile, our latest consensus estimate is calling for revenue of $249.75 million, up 3.06% from the prior-year quarter.
ONTO's full-year Zacks Consensus Estimates are calling for earnings of $5.14 per share and revenue of $994.52 million. These results would represent year-over-year changes of -3.75% and +0.73%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Onto Innovation. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Onto Innovation presently features a Zacks Rank of #3 (Hold).
Investors should also note Onto Innovation's current valuation metrics, including its Forward P/E ratio of 19.22. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 19.22.
It is also worth noting that ONTO currently has a PEG ratio of 0.64. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Nanotechnology stocks are, on average, holding a PEG ratio of 0.64 based on yesterday's closing prices.
