Onto Innovation (ONTO) Increases Yet Falls Behind Market: What Investors Need to Know

Onto Innovation (ONTO) closed at $183.56 in the latest trading session, marking a +0.16% move from the prior day. This move lagged the S&P 500's daily gain of 0.92%. Elsewhere, the Dow saw an upswing of 0.31%, while the tech-heavy Nasdaq appreciated by 2.03%.Shares of the maker of semiconductor manufacturing equipment witnessed a gain of 9.22% over the previous month, beating the performance of the Computer and Technology sector with its loss of 2.99% and the S&P 500's gain of 0.81%.The investment community will be paying close attention to the earnings performance of Onto Innovation in its upcoming release. The company is slated to reveal its earnings on February 6, 2025. The company's earnings per share (EPS) are projected to be $1.39, reflecting a 31.13% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $259.43 million, indicating a 18.54% increase compared to the same quarter of the previous year.It's also important for investors to be aware of any recent modifications to analyst estimates for Onto Innovation. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the past month, there's been a 0.3% rise in the Zacks Consensus EPS estimate. Onto Innovation is currently sporting a Zacks Rank of #3 (Hold).Looking at its valuation, Onto Innovation is holding a Forward P/E ratio of 28.39. For comparison, its industry has an average Forward P/E of 28.39, which means Onto Innovation is trading at no noticeable deviation to the group.Investors should also note that ONTO has a PEG ratio of 0.95 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Nanotechnology was holding an average PEG ratio of 0.95 at yesterday's closing price.The Nanotechnology industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 90, placing it within the top 36% of over 250 industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Onto Innovation Inc. (ONTO): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks