5 Tech Stocks Gaining Value After Earnings

3. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 48

ON Semiconductor Corporation (NASDAQ:ON) delivered record financial results for the second quarter on Monday, August 1, 2022. The stock initially fell but then jumped to a nearly seven-month high following the results.

The Arizona-based semiconductor supplier reported adjusted earnings of $1.34 per share, representing a jump of more than two folds over the year-ago period. In addition, ON Semiconductor Corporation (NASDAQ:ON) posted revenue of $2.085 billion, up 25 percent on a year-over-year basis. The results easily exceeded the consensus of $1.26 per share for earnings and $2.010 billion for revenue.

Several research firms increased their price targets for ON Semiconductor Corporation (NASDAQ:ON) following its latest quarterly performance. Jefferies lifted its price target for the semiconductor company from $75 per share to $77 per share, while Deutsche Bank raised its price target from $65 per share to $75 per share.