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Onto Innovation (ONTO) Stock Sinks As Market Gains: Here's Why
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Onto Innovation (ONTO - Free Report) ended the recent trading session at $206.74, demonstrating a -2.43% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.5%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.43%.
Shares of the maker of semiconductor manufacturing equipment have appreciated by 31.97% over the course of the past month, outperforming the Computer and Technology sector's loss of 0.15%, and the S&P 500's gain of 0.18%.
The investment community will be closely monitoring the performance of Onto Innovation in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $1.27, reflecting a 15.89% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $266.11 million, up 0.82% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.96 per share and revenue of $1 billion, indicating changes of -7.12% and 0%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Onto Innovation. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.48% higher within the past month. Onto Innovation presently features a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Onto Innovation has a Forward P/E ratio of 35.14 right now. Its industry sports an average Forward P/E of 35.14, so one might conclude that Onto Innovation is trading at no noticeable deviation comparatively.
It is also worth noting that ONTO currently has a PEG ratio of 1.17. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Nanotechnology industry was having an average PEG ratio of 1.17.
The Nanotechnology industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 5, placing it within the top 3% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Onto Innovation (ONTO) Stock Sinks As Market Gains: Here's Why
Onto Innovation (ONTO - Free Report) ended the recent trading session at $206.74, demonstrating a -2.43% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.5%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.43%.
Shares of the maker of semiconductor manufacturing equipment have appreciated by 31.97% over the course of the past month, outperforming the Computer and Technology sector's loss of 0.15%, and the S&P 500's gain of 0.18%.
The investment community will be closely monitoring the performance of Onto Innovation in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $1.27, reflecting a 15.89% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $266.11 million, up 0.82% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.96 per share and revenue of $1 billion, indicating changes of -7.12% and 0%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Onto Innovation. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.48% higher within the past month. Onto Innovation presently features a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Onto Innovation has a Forward P/E ratio of 35.14 right now. Its industry sports an average Forward P/E of 35.14, so one might conclude that Onto Innovation is trading at no noticeable deviation comparatively.
It is also worth noting that ONTO currently has a PEG ratio of 1.17. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Nanotechnology industry was having an average PEG ratio of 1.17.
The Nanotechnology industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 5, placing it within the top 3% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.