Onto Innovation Analysts Lower Their Forecasts After Q3 Results

Onto Innovation Inc (NYSE:ONTO) on Monday reported better-than-expected third-quarter financial results and issued fourth-quarter guidance above estimates.

Onto Innovation reported quarterly earnings of $2.44 per share which beat the analyst consensus estimate of $2.30 per share. The company reported quarterly sales of $409.748 million which beat the analyst consensus estimate of $392.016 million.

Onto Innovation said it sees fourth-quarter adjusted EPS of $2.59-$2.79, versus market estimates of $2.48. The company sees sales of $430.000 million-$450.000 million, versus expectations of $413.253 million.

“Our outstanding results this quarter reflect excellent execution by our team and continued strength in the markets we serve,” said Mike Plisinski, chief executive officer of Onto Innovation.

Onto Innovation shares gained 4% to trade at $201.79 on Tuesday.

These analysts made changes to their price targets on Onto Innovation following earnings announcement.

• Needham analyst Charles Shi maintained the stock with a Buy and lowered the price target from $360 to $285.
• Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and lowered the price target from $390 to $250.
• Stifel analyst Brian Chin maintained the stock with a Buy and lowered the price target from $350 to $305.

Considering buying ONTO stock? Here’s what analysts think:

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