Assenagon Asset Management S.A. Reduces Stock Position in Onto Innovation Inc. $ONTO

Key Points

• Assenagon Asset Management cut its Onto Innovation stake by 37% during the second quarter, selling 84,575 shares and retaining 143,746 shares valued at approximately $54.4 million. Institutional investors still own 98.35% of the company.
• Onto Innovation reported strong second-quarter results, with adjusted EPS of $1.93 beating the $1.69 estimate and revenue rising 35.3% year over year to a record $343.1 million.
• The company issued an upbeat third-quarter outlook, forecasting EPS of $2.18–$2.38 and revenue of $380 million–$400 million, supported by a backlog exceeding $1.1 billion and strong demand for AI-related advanced packaging equipment.

Assenagon Asset Management S.A. lowered its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 37.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,746 shares of the semiconductor company's stock after selling 84,575 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.29% of Onto Innovation worth $54,401,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Root Financial Partners LLC raised its holdings in shares of Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in shares of Onto Innovation by 188.5% during the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 115 shares during the last quarter. Millstone Evans Group LLC raised its position in Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company's stock worth $34,000 after purchasing an additional 99 shares during the period. CoreCap Advisors LLC purchased a new position in Onto Innovation in the 2nd quarter worth $38,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Onto Innovation by 109.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company's stock worth $39,000 after purchasing an additional 128 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Trending Headlines about Onto Innovation

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Q2 results beat expectations: Onto reported adjusted earnings of $1.93 per share versus the $1.69 consensus estimate, while revenue reached a record $343.1 million, up 35.3% year over year and above the $325.3 million expected. Profitability also improved, with gross profit up 50.1% and operating profit nearly doubling. Onto Innovation earnings report
• Positive Sentiment: Raised outlook significantly: Third-quarter EPS guidance of $2.18-$2.38 and revenue guidance of $380 million-$400 million are well above Wall Street estimates of $1.93 and $351.8 million, respectively. The stronger forecast supports expectations for accelerating near-term growth. Onto Innovation second-quarter results
• Positive Sentiment: AI and advanced packaging demand remain strong: Management said backlog exceeded $1.1 billion, with orders extending into 2027. Demand for advanced packaging equipment tied to AI chip production is strengthening the company’s visibility and second-half outlook. ONTO Q2 earnings call highlights
• Positive Sentiment: Analyst confidence increased: Needham raised its price target from $330 to $360 and maintained a Buy rating, reinforcing the positive reaction to the earnings and guidance. Analyst price target update
• Positive Sentiment: Industrywide catalyst: A proposed Tesla-SpaceX “Terafab” chip-manufacturing buildout could increase long-term demand for semiconductor inspection and metrology equipment from Onto and other suppliers. Tesla-SpaceX Terafab chip equipment outlook

Onto Innovation Stock Performance

NYSE ONTO opened at $307.78 on Friday. The stock has a 50 day moving average price of $297.04 and a 200-day moving average price of $256.05. Onto Innovation Inc. has a one year low of $93.50 and a one year high of $386.46. The company has a market capitalization of $15.31 billion, a P/E ratio of 115.71, a P/E/G ratio of 1.10 and a beta of 1.59.

Onto Innovation (NYSE:ONTO - Get Free Report) last announced its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.24. The firm had revenue of $343.13 million during the quarter, compared to analysts' expectations of $325.29 million. Onto Innovation had a return on equity of 13.19% and a net margin of 11.84%.The company's quarterly revenue was up 35.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. Onto Innovation has set its Q3 2026 guidance at 2.180-2.380 EPS. As a group, equities analysts predict that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Freedom Capital upgraded shares of Onto Innovation to a "strong-buy" rating in a research report on Wednesday, June 17th. Wall Street Zen lowered Onto Innovation from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Cantor Fitzgerald upped their price target on shares of Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Needham & Company LLC increased their price target on shares of Onto Innovation from $330.00 to $360.00 and gave the company a "buy" rating in a research report on Friday. Finally, Stifel Nicolaus set a $350.00 price target on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $378.11.

Onto Innovation Company Profile

Onto Innovation NYSE: ONTO is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company's solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.

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