Onto Innovation Falls as Chip Selloff Appears to Outweigh Company Fundamentals

Onto Innovation (ONTO) is down 8.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver appears to be a broad semiconductor selloff rather than a new company-specific setback. ONTO trades in semiconductor process-control equipment, so it looks to have been pulled lower with the wider chip complex as investors backed away from AI-linked and rate-sensitive technology names. This could also be because investors remain cautious after Onto Innovation’s large convertible notes deal in May, which may still be acting as an overhang for some shareholders.

Details:

U.S. chip stocks sold off sharply on June 23, with the main semiconductor index falling hard as investors reassessed AI-related valuations, funding concerns, and the interest-rate outlook.

No major fresh negative announcement from Onto Innovation was easy to identify today, which makes a sympathy move with the broader semiconductor group the clearest explanation.

Onto Innovation’s latest quarterly update showed first-quarter 2026 revenue of $291.9 million and second-quarter guidance for $320 million to $330 million, suggesting the recent operating backdrop had remained constructive.

The company also raised $1.3 billion through zero-coupon convertible senior notes in May and said part of the proceeds would support capped calls, share repurchases, and general corporate purposes, including strategic investment activity.

Sources:

Onto Innovation investor relations, Reuters, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ONTO Hedge Fund Activity

We have seen 323 institutional investors add shares of $ONTO stock to their portfolio, and 264 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

POINT72 ASSET MANAGEMENT, L.P. added 818,891 shares (+212.8%) to their portfolio in Q1 2026, for an estimated $167,929,977
FRANKLIN RESOURCES INC removed 773,798 shares (-57.2%) from their portfolio in Q1 2026, for an estimated $158,682,755
WELLINGTON MANAGEMENT GROUP LLP removed 674,656 shares (-55.4%) from their portfolio in Q1 2026, for an estimated $138,351,705
JANE STREET GROUP, LLC added 602,673 shares (+29909.3%) to their portfolio in Q1 2026, for an estimated $123,590,152
BLACKROCK, INC. added 602,439 shares (+12.2%) to their portfolio in Q1 2026, for an estimated $123,542,165
D. E. SHAW & CO., INC. removed 485,621 shares (-48.4%) from their portfolio in Q4 2025, for an estimated $76,660,131
MILLENNIUM MANAGEMENT LLC removed 471,136 shares (-95.2%) from their portfolio in Q1 2026, for an estimated $96,615,859

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$ONTO Government Contracts

We have seen $4,410,011 of award payments to $ONTO over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

SEISMIC EQUIPMENT: $743,858
GEOPHYSICAL FIELD SYSTEMS TECHNOLOGY REFRESH: $673,266
SEISMIC EQUIPMENT: $641,302
SEISMIC EQUIPMENT: $310,216
SEISMIC EQUIPMENT: $241,990

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard. You can access data on government contracts through the Quiver Quantitative API government contracts endpoint.

$ONTO Analyst Ratings

Wall Street analysts have issued reports on $ONTO in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Deutsche Bank issued a "Buy" rating on 06/05/2026
Needham issued a "Buy" rating on 01/20/2026
B. Riley Securities issued a "Buy" rating on 01/15/2026

To track analyst ratings and price targets for $ONTO, check out Quiver Quantitative's $ONTO forecast page.

$ONTO Price Targets

Multiple analysts have issued price targets for $ONTO recently. We have seen 8 analysts offer price targets for $ONTO in the last 6 months, with a median target of $340.0.

Here are some recent targets:

Edward Yang from Oppenheimer set a target price of $450.0 on 06/22/2026
Nazerke Baimukan from Freedom Broker set a target price of $370.0 on 06/17/2026
Melissa Weathers from Deutsche Bank set a target price of $350.0 on 06/05/2026
Charles Shi from Needham set a target price of $330.0 on 05/06/2026
Brian Chin from Stifel set a target price of $350.0 on 04/17/2026
Mark Lipacis from Evercore ISI Group set a target price of $315.0 on 04/17/2026
Craig Ellis from B. Riley Securities set a target price of $330.0 on 04/17/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.