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Onto Innovation Inc. (NYSE:ONTO), a leader in the measuring and controlling devices industry, has announced the departure of a key executive. Dr. Srinivas Vedula, serving as the Senior Vice President of Customer Success, will resign from his position effective April 8, 2025, to pursue other opportunities. The announcement comes as the company maintains strong financial health, with InvestingPro data showing a robust current ratio of 8.69 and minimal debt, though the stock has declined nearly 40% over the past six months.
The resignation was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Tuesday, April 1, 2025. According to the filing, Dr. Vedula’s decision to leave the company was not due to any disagreements regarding Onto Innovation’s operations, policies, or practices.
Dr. Vedula has been instrumental in shaping the customer success strategy at Onto Innovation, a company with its headquarters in Wilmington, Massachusetts. The company has not yet announced a successor or the plans for filling the soon-to-be-vacant role.
Onto Innovation’s business address is 16 Jonspin Road, Wilmington, MA, 01887, and they can be reached at (978) 253-6200. The company, incorporated in Delaware, operates under the industrial classification of Measuring & Controlling Devices, NEC [3829].
The announcement comes as the company continues to navigate the competitive landscape of industrial applications and services. Onto Innovation has not provided further details on Dr. Vedula’s future endeavors or the impact his departure may have on the company’s current customer success initiatives.
This news comes directly from a press release statement filed with the SEC, providing investors and stakeholders with the latest developments within Onto Innovation Inc.
In other recent news, Onto Innovation Inc. reported earnings for the fourth quarter of 2024, surpassing expectations with an earnings per share (EPS) of $1.51, above the projected $1.41. The company also exceeded revenue forecasts, posting $264 million compared to the anticipated $259.29 million, marking a 21% year-over-year increase. Despite these positive results, Stifel analysts have adjusted their price target for Onto Innovation, lowering it from $250 to $200, while maintaining a Buy rating. This revision is influenced by broader market sentiment within the technology sector, where multiples have declined significantly. Meanwhile, Cantor Fitzgerald reiterated an Overweight rating with a $250 price target, citing confidence in the company’s growth potential driven by AI infrastructure development. Onto Innovation’s strong performance in AI packaging and advanced metrology is expected to continue contributing to revenue growth, with new product launches anticipated to drive further gains in late 2025 and beyond. The company has provided revenue guidance between $260 million and $274 million for the first quarter of 2025, with a gross margin forecast of 54% to 56%. Both Stifel and Cantor Fitzgerald highlight Onto Innovation’s strategic positioning to navigate challenges and capitalize on growth opportunities in the AI sector.
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