Onto Innovation (ONTO) Outperforms Broader Market: What You Need to Know

Company Performance - Shares of Onto Innovation (ONTO) experienced a loss of 14.01% over the previous month, underperforming the Computer and Technology sector's loss of 4.62% and the S&P 500's loss of 0.21% [1] - In the latest trading session, Onto Innovation closed at $189.08, marking a +0.15% move from the prior day, outperforming the S&P 500's daily gain of 0.08% [6] Earnings Estimates - For the upcoming earnings report on August 8, 2024, Onto Innovation is anticipated to report an EPS of $1.19, reflecting a 50.63% increase compared to the same quarter of the previous year [7] - The consensus estimate for quarterly revenue is $235.6 million, which represents a 23.57% increase from the year-ago period [7] - The Zacks Consensus Estimates for the annual period project earnings of $5.05 per share and revenue of $941.16 million, indicating shifts of +35.39% and +15.36% from the last year, respectively [2] Analyst Ratings and Industry Position - Onto Innovation currently holds a Zacks Rank of 2 (Buy), with the Zacks Rank system showing a strong track record of outperforming the market [9] - The Nanotechnology industry, which includes Onto Innovation, has a Zacks Industry Rank of 3, placing it within the top 2% of over 250 industries [4] Valuation Metrics - Onto Innovation is currently traded at a Forward P/E ratio of 37.39, which is a premium compared to the industry's average Forward P/E of 29.89 [11]