ON

LONGINSIDER SELL

ON SEMICONDUCTOR CORP

Research: Finviz ↗·Perplexity ↗

Funds

Score

2.51

vs SPY

-13.1%

Stock return (since Q-end)

-9.1%

SPY return (since Q-end)

+4.0%

Current price

$85.93

Days to cover (short int.)

3.0d↓-2.2%

as of 2026-09-15

News Summary

Positive

ON Semiconductor delivered a Q2 2026 earnings beat driven by AI data center strength, with robust margin expansion (non-GAAP gross margin +80 bps to 39.3%) and exceptional free cash flow ($425M). The marquee development is the renegotiated $5.7B all-cash acquisition of Synaptics at $123/share, which generated strong market enthusiasm but introduces meaningful integration risk and potential dilution of focus on core power semiconductor operations ahead of mid-2027 close.

Red flags

•Integration risk flagged by analysts on large Synaptics acquisition; potential to distract from core business
•Synaptics deal involved competing bid dynamics and ultimately settled at lower price, suggesting potential strategic uncertainty
•Acquisition-driven strategy may dilute management focus from organic growth in high-margin power semiconductor segment

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	% of Fund	QoQ	Status
Point72	Steve Cohen	1.6M	+1.6M	$152M	0.2%	—	NEW
Soros Fund Management	Soros Family Office	228K	+228K	$22M	0.3%	—	NEW
Maverick Capital	Lee Ainslie	8K	+8K	$1M	<0.1%	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.

Insider Activity

Name	Title	Type	Shares	Price	Value	Filed	Src
GOPALSWAMY SUDHIR	Group President, AMG & ISG	SELL	16K	$80.00	$1.25M	2026-10-01	↗

Beneficial Ownership (13D/13G)

Filer	Form	Shares	% of Class	Filed	Src
Vanguard Capital Management	SC 13G	29.6M	7.5%	2026-04-30	↗
Vanguard Portfolio Management	SC 13G	20.1M	5.1%	2026-04-29	↗

SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.