Onto Innovation (ONTO) closed the most recent trading day at $167.25, moving -0.15% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 1.09%. Meanwhile, the Dow gained 1.18%, and the Nasdaq, a tech-heavy index, added 1.03%.

The maker of semiconductor manufacturing equipment's stock has climbed by 0.6% in the past month, falling short of the Computer and Technology sector's gain of 1.8% and outpacing the S&P 500's loss of 0.71%.

Investors will be eagerly watching for the performance of Onto Innovation in its upcoming earnings disclosure. The company is expected to report EPS of $1.39, up 31.13% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $259.43 million, up 18.54% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $5.22 per share and revenue of $982.83 million, which would represent changes of +39.95% and +20.46%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Onto Innovation. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

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 0.58% higher within the past month. Onto Innovation currently has a Zacks Rank of #3 (Hold).

Investors should also note Onto Innovation's current valuation metrics, including its Forward P/E ratio of 32.09. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 32.09.

Also, we should mention that ONTO has a PEG ratio of 1.07. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Nanotechnology industry had an average PEG ratio of 1.07.

The Nanotechnology industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 82, finds itself in the top 33% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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