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Why the Market Dipped But Onto Innovation (ONTO) Gained Today
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Onto Innovation (ONTO - Free Report) closed the latest trading day at $193.56, indicating a +0.61% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 1.11%. Meanwhile, the Dow lost 0.42%, and the Nasdaq, a tech-heavy index, lost 1.89%.
Prior to today's trading, shares of the maker of semiconductor manufacturing equipment had gained 13.85% over the past month. This has outpaced the Computer and Technology sector's gain of 1.83% and the S&P 500's loss of 1.7% in that time.
Market participants will be closely following the financial results of Onto Innovation in its upcoming release. The company's upcoming EPS is projected at $1.39, signifying a 31.13% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $259.43 million, up 18.54% from the year-ago period.
Any recent changes to analyst estimates for Onto Innovation should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.31% decrease. Onto Innovation is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Onto Innovation is presently being traded at a Forward P/E ratio of 29.89. This denotes no noticeable deviation relative to the industry's average Forward P/E of 29.89.
We can also see that ONTO currently has a PEG ratio of 1. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Nanotechnology industry held an average PEG ratio of 1.
The Nanotechnology industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% of all 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.
To follow ONTO in the coming trading sessions, be sure to utilize Zacks.com.
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Why the Market Dipped But Onto Innovation (ONTO) Gained Today
Onto Innovation (ONTO - Free Report) closed the latest trading day at $193.56, indicating a +0.61% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 1.11%. Meanwhile, the Dow lost 0.42%, and the Nasdaq, a tech-heavy index, lost 1.89%.
Prior to today's trading, shares of the maker of semiconductor manufacturing equipment had gained 13.85% over the past month. This has outpaced the Computer and Technology sector's gain of 1.83% and the S&P 500's loss of 1.7% in that time.
Market participants will be closely following the financial results of Onto Innovation in its upcoming release. The company's upcoming EPS is projected at $1.39, signifying a 31.13% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $259.43 million, up 18.54% from the year-ago period.
Any recent changes to analyst estimates for Onto Innovation should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.31% decrease. Onto Innovation is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Onto Innovation is presently being traded at a Forward P/E ratio of 29.89. This denotes no noticeable deviation relative to the industry's average Forward P/E of 29.89.
We can also see that ONTO currently has a PEG ratio of 1. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Nanotechnology industry held an average PEG ratio of 1.
The Nanotechnology industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% of all 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.
To follow ONTO in the coming trading sessions, be sure to utilize Zacks.com.