WILMINGTON, Mass. - Onto Innovation Inc. (NYSE: NYSE:ONTO), a leader in process control for the semiconductor industry, announced Monday that Dr. Stephen Schwartz has been appointed to its board of directors. Dr. Schwartz's extensive experience includes over 25 years of leadership in high technology companies, most recently as president and chief executive officer of Azenta, Inc.
Dr. Schwartz's career has been marked by significant contributions to the semiconductor and life sciences fields. He led Brooks Automation (NASDAQ:AZTA), Inc. before its division into Azenta for life sciences and Brooks Automation for the semiconductor sector in February 2022.
He has announced his retirement from Azenta, effective upon the appointment of a successor. His previous roles include president, CEO, and chairman of Asyst Technologies, Inc. and president of Consilium Inc., an Applied Materials (NASDAQ:AMAT) company. He holds a B.S., M.S., and Ph.D. in Electrical Engineering from Purdue University and an M.B.A. from the University of Chicago.
Christopher Seams, chairman of Onto Innovation's board, expressed confidence that Dr. Schwartz's deep understanding of the semiconductor business and his experience with automation systems will bring valuable insights to the company. CEO Mike Plisinski echoed this sentiment, noting Dr. Schwartz's unique perspective from his tenure in both semiconductor and industrial companies.
Dr. Schwartz commented on Onto Innovation's role as a strategic partner in the semiconductor industry, particularly in advanced logic and memory supporting AI trends. He praised the company's focus on collaborative partnerships and innovation that enhance yield and reduce costs.
Onto Innovation is known for its comprehensive offerings in process control, including un-patterned wafer quality, 3D metrology, macro defect inspection, and lithography for advanced semiconductor packaging. Headquartered in the U.S., the company supports a global customer base with sales and service operations worldwide.
This announcement is based on a press release statement from Onto Innovation Inc. The company cautions that forward-looking statements involve risks and uncertainties, and there can be no assurance that future results will align with current expectations. Factors that could affect outcomes include economic conditions, market opportunities, and the ability to meet customer demands and maintain market position.
In other recent news, Onto Innovation Inc. has launched a new suite of products including the JetStep® X500 lithography system and the Firefly® G3 inspection system. These systems are aimed at supporting the industry's shift to glass core panels for advanced IC substrates and panel-level packaging. The advanced packaging market, including panel-level packaging, is expected to grow at a compound annual growth rate of 10% from 2023 to 2028, according to Prismark.
In other developments, Benchmark has upgraded the price target for Onto Innovation from $180 to $230, maintaining a Buy rating due to a strong sales outlook. This follows Onto Innovation's robust financial results for the first quarter, with revenues marking a 15% year-over-year increase. The company projects an increase in gross margins and revenue growth driven by strong demand in various sectors.
Benchmark's analyst anticipates that Onto Innovation's surge in Power sales and an increase in Advanced Node sales will contribute to a robust financial outlook for the company in 2025. The firm estimates a 23% year-over-year growth in earnings to $5.98 per diluted share for 2025. These recent developments highlight Onto Innovation's progress in the semiconductor industry.
InvestingPro Insights
Onto Innovation Inc. (NYSE: ONTO) has recently made a strategic addition to its board with the appointment of Dr. Stephen Schwartz, a move that could further fortify the company's leadership in the semiconductor process control sector. As investors assess Onto's growth trajectory and market position, certain financial metrics and analyst insights from InvestingPro provide a clearer picture of the company's performance and outlook.
With a robust market capitalization of 11.74 billion USD, Onto Innovation is trading at a high earnings multiple, with a P/E ratio of 83.48 and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at 86.25. This suggests a premium market valuation, which may be reflective of the company's strong returns and positive market sentiment. Indeed, Onto has experienced a remarkable one-year price total return of 105.02%, signaling robust investor confidence and a significant appreciation in share value.
InvestingPro Tips highlight that Onto Innovation holds more cash than debt on its balance sheet, a sign of financial health and risk mitigation that investors often seek. Moreover, the company's liquid assets exceed its short-term obligations, providing further evidence of Onto's solid financial foundation. For those looking to delve deeper into Onto's financials and potential investment opportunities, InvestingPro offers 25 additional tips on their platform, which can be accessed with the coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
With Dr. Schwartz's expertise now complementing Onto's strategic direction, and considering the company's favorable financial health and market performance, Onto Innovation appears well-positioned to continue its role as a key player in the semiconductor industry. Investors and potential shareholders can find more detailed analysis and tips by visiting https://www.investing.com/pro/ONTO.
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