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Onto Innovation’s ONTO shares have been performing well on the trading front, with a gain of 48.6% in the past year compared with the S&P 500 composite and sub-industry’s growth of 23.5% and 44.1%, respectively.
Closing at $192.97 as of yesterday’s trading session, ONTO stock is currently trading 19.2% below its 52-week high of $238.93, attained on July 16, 2024.
Solid financial performance has been aiding the stock’s trajectory. ONTO outpaced estimates in each of the trailing four quarters, with the average surprise being 6.6%.
From a valuation perspective, ONTO is trading at a premium. Going by its forward 12-month price-to-earnings ratio, ONTO is trading at a multiple of 32.2, below the industry’s ratio of 6.4 in the past five years.
ONTO Gains From Uptake of Dragonfly Platform
Onto Innovation’s performance is gaining from increasing demand for its Dragonfly inspection system. Its Dragonfly G3 platform integrates 2D and 3D technologies to identify yield-killing defects and compute features, which are important for advanced front-end and packaging technologies. The system is witnessing strong adoption owing to higher demand for advanced packaging of AI computing devices.
In the last reported quarter, total revenues of $242.3 million beat the Zacks Consensus Estimate by 2.9%. The top line expanded 27.1% year over year. The uptick was largely driven by the expansion of pilot lines for high-performance computing, which incorporates cutting-edge gate-all-around transistor architecture and high-bandwidth memory to support the growing demand in the AI sector.
Revenues surpassed the high end of the company’s guided range of $230-$240 million. Management highlighted record revenues of $164 million from its specialty and advanced packaging customers. This growth was driven by demand from the company’s AI packaging customers.
Healthy momentum in advanced nodes sales was driven by the success of ONTO’s Atlas and Iris systems. These systems are pivotal in supporting emerging gate-all-around devices.
In the last reported quarter, ONTO secured more than $300 million in volume purchase agreements from two major customers. These agreements, which extend through 2025, pertain to investments in AI advanced packaging and gate-all-around technologies. In addition, ONTO bolstered its product portfolio with the introduction of the JetStep X500 lithography tool, specifically crafted for next-generation glass substrates used in panel-level packaging. The addition of these sensors will enable its users to collect important data needed to mature their process in a relatively shorter time.
ONTO Provides Strong Outlook
For the third quarter, the management expects revenues in the range of $245-$255 million. For the second half, it now expects revenues to be 5-10% stronger than the first half of 2024.
The company remains focused on inventory reduction to boost cash-flow performance. Improvements in supply-chain initiatives are expected to drive margin performance.
ONTO expects revenues to gain from increasing investments in gate-all-around capacity and capacity expansions by several high-bandwidth memory and logic packaging manufacturers in 2025.
Estimates Move Upward for ONTO
The Zacks Consensus Estimate for ONTO’s 2024 and 2025 revenues is pegged at $976.6 million and $1.11 billion, respectively, indicating growth of 19.7% and 14% from the year-ago levels.
The consensus estimate for 2024 and 2025 EPS is expected to be $5.18 and $6.33, respectively, implying a rise of 38.9% and 22.2% from the prior-year actuals.
The consensus mark for the current quarter and 2024 EPS has increased 10% and 2.6%, respectively, in the past 60 days.
ONTO Faces Certain Headwinds
The weak global macroeconomic backdrop, forex fluctuations and fierce competition are concerns for this Zacks Rank #3 (Hold) company.
Increasing expenses is likely to weigh on the company’s margin’s performance. For the third quarter of 2024, it expects operating expenses in the range of $64-$66 million amid higher research and development expenses.
Stocks to Consider
Some better-ranked stocks worth consideration in the broader technology space are Manhattan Associates MANH, Adobe ADBE and ANSYS ANSS. While Manhattan Associates sports a Zacks Rank #1 (Strong Buy), Adobe and ANSYS carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MANH’s 2024 EPS is pegged at $4.26, unchanged in the past 30 days. MANH’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 26.6%. The stock has surged 30.1% in the past year.
The Zacks Consensus Estimate for Adobe’s fiscal 2024 EPS is pegged at $18.16, unchanged in the past 30 days. ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 2.6%. The long-term earnings growth rate is 13%. Its shares have gained 6.2% in the past year.
The Zacks Consensus Estimate for ANSS’ 2024 earnings is pegged at $9.96, unchanged in the past 30 days. ANSS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing the mark once, with the average surprise being 4.8%. Its shares have gained 0.3% in the past year
Zacks Investment Research
SAP SE SAP has acquired WalkMe Ltd. for approximately $1.5 billion. This deal represents an approximate 45% premium to WalkMe's closing share price on June 4, 2024, the day when SAP and WalkMe agreed to the binding terms of the acquisition.
Following the acquisition, each ordinary and outstanding share of WalkMe has been converted into the right for shareholders to receive $14.00 per share in cash, subject to adjustments. The completion of the acquisition has been officially reported to the Nasdaq stock market, and WalkMe's ordinary shares are expected to be suspended from trading at the close of the market today in anticipation of delisting.
Headquartered in Tel Aviv, Israel, WalkMe is known for its innovations in digital adoption platforms. The company enhances and speeds up the effectiveness of digital transformation strategies by promoting user adoption of digital assets. WalkMe’s Digital Adoption Platform continuously identifies gaps and issues, guiding users to success without requiring code changes or alterations to existing platforms.
WalkMe’s cutting-edge technology improves workflow execution across business software applications, enhancing user experience and adoption while supporting business transformation. This acquisition will complement SAP’s Business Transformation Management portfolio, including SAP LeanIX and SAP Signavio, and will aid clients in accelerating their digital transformations.
SAP SE Price and Consensus
SAP SE price-consensus-chart | SAP SE Quote
Embedding WalkMe’s adoption capabilities with SAP’s copilot Joule will strengthen artificial intelligence (AI) assistance and productivity for SAP customers. Additionally, combining WalkMe’s e-learning features with SAP Enable Now will create a central component of SAP’s people-centric transformation approach.
Booming Cloud Business and Focus on GenAI Bode Well for SAP
Headquartered in Walldorf, Germany, SAP is one of the largest independent software vendors in the world and the leading provider of enterprise resource planning software.
SAP’s performance is gaining from strengthening cloud business, especially robust demand for the Rise with SAP and Grow with SAP solutions. In the second quarter of 2024, SAP’s cloud revenues were €4.15 billion, up 25% year over year on a non-IFRS basis (nominal and cc). The uptick resulted from a 33% surge in Cloud ERP Suite revenues, highlighting the effectiveness of SAP’s Software-as-a-Service and Platform-as-a-Service solutions.
SAP remains optimistic about the generative AI trend and expects it to positively impact revenues going forward. In April 2024, SAP announced significant advancements in AI for supply chain solutions, aiming to redefine productivity and efficiency in manufacturing sectors. During the second quarter of 2024, SAP announced a collaboration with IBM and Amazon Web Services to make strides in GenAI capabilities and unlock potential opportunities for businesses.
It will also be taking up a restructuring program in 2024 (which is likely to conclude in 2025), whereby it plans to eliminate 8,000 positions across its operations to ensure the company’s skill set and resources are well-poised to meet future business requirements.
SAP’s Zacks Rank & Stock Price Performance
SAP currently carries a Zacks Rank #2 (Buy). Shares of the company have gained 62.5% in the past year compared with the sub-industry's growth of 24.1%.
Other Stocks to Consider
Some other top-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and Adobe Inc. ADBE. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
Wix.com Ltd. WIX has launched its latest artificial intelligence (AI) Theme Assistant that provides users with personalized recommendations and real-time advice, allowing them to easily customize their website’s theme. This tool is part of a broader suite of innovations from Wix aimed at supporting users throughout every phase of their online journey, from initial ideas to final execution.
As website designing becomes more complicated day by day, users frequently encounter difficulties aligning their choices with their vision. The AI Theme Assistant addresses this by offering conversational guidance throughout the design process, assisting with color palettes, fonts and themes, and even extracting colors from logos, added WIX.
AI Theme Assistant is integrated directly into the Wix Editor and it provides real-time suggestions and directs users to relevant areas in the Wix dashboard. By recommending features and advising on theme elements, the assistant simplifies design decisions, giving users control while enhancing their site's aesthetic.
Wix highlighted that integrating AI into web design adds significant value for its users. The theme assistant helps users achieve a cohesive and unified look for their websites, ensuring a consistent appearance throughout.
WIX to Gain From Product Line-Up Expansion
Wix’s performance is being cushioned by higher adoption of the product portfolio, especially various AI products. WIX is also embedding AI assistants across its platform and has released 17 AI business assistants so far.
It continues to add new products to gain on the AI boom. In July 2024, Wix unveiled a new suite of AI-powered tools aimed at streamlining content creation. These tools are designed to suggest relevant blog topics, generate content and create images tailored to the target audience. This new feature allows users to quickly transform ideas into almost-ready articles, cutting down on the time and effort needed to produce engaging content.
In June 2024, the company launched advanced AI creation capabilities for its mobile app builder. The initiative is set to empower users to effortlessly craft professional and fully customizable applications. In the same month, the company also extended the availability of its AI Website Builder in different languages. Apart from English, AI Website Builder is now available to global users in French, German, Portuguese, Spanish, Italian, Japanese, Turkish and Korean languages. The initiative aids users in building websites in their preferred language.
Additionally, It launched the AI Portfolio Creator, a groundbreaking tool that leverages the power of AI to aid users in crafting and showcasing an online professional portfolio in May 2024. The AI Portfolio Creator effectively streamlines the portfolio creation experience by allowing users to smoothly upload and organize large-scale image collections with just a few clicks.
Wix.com Ltd. Price and Consensus
Wix.com Ltd. price-consensus-chart | Wix.com Ltd. Quote
WIX is focusing on generative AI as it represents a significant business growth driver. In the second quarter of 2024, bookings revenues came at $458.4 million. This 15% year-over-year improvement was driven by solid uptake of WIX Studio, AI product suite and expanding commerce platform in this quarter. The expansion of the AI product portfolio is expected to drive the top line for WIX and further boost the stock.
WIX’s Zacks Rank & Stock Price Performance
WIX currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 64.1% in the past year compared with the sub-industry's growth of 20.6%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Unisys Corporation UIS, ANSYS, Inc. ANSS and Adobe Inc. ADBE. UIS presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Unisys Corporation delivered an earnings surprise of 87.7%, on average, in the trailing four quarters. In the last reported quarter, UIS pulled off an earnings surprise of 143.2%. It has a long-term earnings growth expectation of 15%.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.2% and the actively traded Invesco QQQ Trust was 0.1% higher in Friday's premarket activity, as investors await August import and export prices bulletin followed by September consumer sentiment report for clues on interest rate cut.
US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.1% before the start of regular trading.
The August import and export prices bulletin will be released at 8:30 am ET, while the University of Michigan consumer sentiment report for September will be posted at 10 am ET followed by the weekly Baker Hughes domestic oil-and-gas rig count release at 1 pm ET.
In premarket activity, bitcoin was down by 0.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 0.9% lower.
Power Play:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.2%. The Vanguard Health Care Index Fund and the iShares US Healthcare ETF were inactive, while the iShares Biotechnology ETF was marginally up.
Immuneering stock rose more than 48% before the bell Friday, a day after it said complete or partial response was observed in the first two patients with first-line pancreatic cancer getting IMM-1-104 in combination with modified gemcitabine/nab-paclitaxel in a phase 2a study.
Winners and Losers:
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.2%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund advanced 0.1%. The VanEck Retail ETF and the SPDR S&P Retail ETF were inactive.
RH shares climbed 22% in recent Friday premarket activity, a day after it reported higher fiscal Q2 net revenue from a year earlier.
Energy
The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was up by 0.4%.
FirstEnergy stock was slightly down in premarket Friday, after saying overnight it reached a settlement deal with the US Securities and Exchange Commission, which required the firm to pay a $100 million civil penalty.
Technology
Technology Select Sector SPDR Fund advanced 0.2%, while the iShares US Technology ETF and the iShares Expanded Tech Sector ETF were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF was 0.6% higher.
Adobe stock fell over 8% before Friday's opening bell after Fubon Securities downgraded it to neutral with a $610 price target.
Industrial
Industrial Select Sector SPDR Fund advanced 0.3% while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.
Boeing's shares dropped 4.4% before Friday's opening bell after the International Association of Machinists and Aerospace Workers said Thursday it rejected a tentative contract proposal negotiated by the company and the union leadership and opted to go on strike.
Financial
Financial Select Sector SPDR Fund advanced 0.3%. Direxion Daily Financial Bull 3X Shares was up 1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.7% lower.
HSBC Holdings shares rose almost 1% before Friday's bell after Bloomberg reported that the bank is in discussions to sell its South African corporate banking unit to Rand Merchant Bank.
Commodities
Front-month US West Texas Intermediate crude oil rose 1.1% to $69.74 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.36 per 1 million British Thermal Units. United States Oil Fund was 0.9% higher, while the United States Natural Gas Fund advanced 0.3%.
Gold futures for December were up by 0.6% at $2,594.90 an ounce on the Comex, while silver futures were up 0.7% at $30.33 an ounce. SPDR Gold Shares advanced 0.4%, and iShares Silver Trust was 0.3% higher.
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