Driehaus Capital Management 13F: Cuts ONTO Stake by $11M

Driehaus Trims Position in Onto Innovation

Driehaus Capital Management reduced its investment in Onto Innovation Inc. ONTO during its period ended May 15, 2026, according to a Form 13F filed with the U.S. Securities and Exchange Commission. The fund sold 28,480 shares of the semiconductor equipment maker, marking an 8.2% decrease from its previous holdings. Driehaus finished the reporting window with 320,534 shares valued at approximately $122.3 million.

Position Details and Prior Holdings

Before the adjustment, Driehaus held 349,014 shares of Onto Innovation. The reduction fits a pattern of active portfolio rebalancing for the growth manager, which also made recent adjustments across several other holdings like Scholar Rock and Kymera Therapeutics around the same filing date. Because 13F filings are backward-looking snapshots, they show holdings only as of the reporting date and may not reflect the firm's current share count today.

Stock Performance and Valuation

Onto Innovation shares trade around $381.69, sitting close to the upper boundary of their 52-week range that spans from $118.97 to $386.46. The company carries a trailing price-to-earnings ratio of 87.2, though it trades at a lower valuation on a forward-looking basis. The firm's shares have maintained strong momentum over recent months, trading well above their short-term and long-term moving averages.

Wall Street Analyst Updates

Financial firms continue to adjust their outlooks on the semiconductor tools provider. On October 2, 2026, RBC Capital initiated coverage with an Outperform rating and a $400.00 price target. Earlier on September 8, 2026, Morgan Stanley maintained its Overweight rating while adjusting its price target to $360.00 from $383.00. Goldman Sachs also initiated coverage on August 17, 2026, with a Buy rating and a $400.00 target.

What Onto Innovation Does

Onto Innovation designs and builds process control tools used by chipmakers for macro-defect inspection and metrology. Its systems help manufacturers test silicon wafers and advanced packaging devices across global markets. The company plays a critical role in finding microscopic flaws during semiconductor fabrication, serving major integrated circuit producers.

What's Ahead for Onto Innovation Inc.

Investors are tracking the company's next earnings report scheduled for November 5, 2026, for updates on revenue and device demand. Market participants will also review subsequent institutional ownership filings to see whether growth funds like Driehaus continue trimming positions after the stock's recent price gains.