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Onto Innovation (NYSE:ONTO) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS
['Tyrone Williams']
Daily Political
Onto Innovation Price PerformanceShares of ONTO stock traded up $39.08 during mid-day trading on Friday, hitting $307.78.
Onto Innovation second-quarter resultsThird-quarter EPS guidance of $2.18-$2.38 and revenue guidance of $380 million-$400 million are well above Wall Street estimates of $1.93 and $351.8 million, respectively.
Analyst price target updateNeedham raised its price target from $330 to $360 and maintained a Buy rating, reinforcing the positive reaction to the earnings and guidance.
Finally, Evercore reaffirmed an “outperform” rating and set a $390.00 price target on shares of Onto Innovation in a research report on Friday.
According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $378.11.