Onto Innovation (ONTO) Rose 32% in Q2 on Strong Results Coupled with Higher Forward Guidance

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Onto Innovation Inc. (NYSE:ONTO) in the second quarter 2023 investor letter. Headquartered in Wilmington, Massachusetts, Onto Innovation Inc. (NYSE:ONTO) designs develops, and manufactures process control systems. On September 22, 2023, Onto Innovation Inc. (NYSE:ONTO) stock closed at $123.22 per share. One-month return of Onto Innovation Inc. (NYSE:ONTO) was 7.86%, and its shares gained 87.12% of their value over the last 52 weeks. Onto Innovation Inc. (NYSE:ONTO) has a market capitalization of $6.046 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about Onto Innovation Inc. (NYSE:ONTO) in its Q2 2023 investor letter:

“Serving to partially counter that weakness, Onto Innovation Inc. (NYSE:ONTO) offers process controls used to perform macro defect inspections for semiconductor manufacturing. Strong results were coupled with higher forward guidance. Management noted the benefit from research & development spending on increased chip complexity. Onto rose 32% and we trimmed the position on this strength.”

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Onto Innovation Inc. (NYSE:ONTO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Onto Innovation Inc. (NYSE:ONTO) at the end of second quarter which was 16 in the previous quarter.

We discussed Onto Innovation Inc. (NYSE:ONTO) in another article and shared the list of high growth semiconductor stocks that are profitable. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.