TLDR
- Sands Capital’s Global Growth Fund highlighted ASML as a key contributor in Q2 2026, with the fund returning 22.2% for the quarter.
- ASML closed at $1,714.88 on September 4, up 115% over the past 52 weeks, with a market cap of around $651 billion.
- Trans Canada Capital made a new $28.64 million investment in ASML, making it the firm’s fifth-largest portfolio position.
- Bernstein raised its price target on ASML to $2,623, while the average analyst target sits at $1,970.33 with a “Moderate Buy” consensus.
- 140 hedge funds held ASML at the end of Q2 2026, up from 133 the previous quarter.
ASML closed at $1,714.88 on September 4, 2026, and has gained over 115% in the past 52 weeks. The stock has traded between $786.75 and $1,999.96 over that period.
Sands Capital Global Growth Fund put ASML in the spotlight in its Q2 2026 investor letter. The fund returned 22.2% for the quarter, outpacing the MSCI All Country World Index’s 14.9%.
The fund pointed to AI as the core driver. More advanced chips require more lithography steps, and ASML makes the machines that do that work.
Sands Capital said it believes lithography capacity could become one of the hardest constraints to scaling AI infrastructure. That could keep supply tight for years.
The fund also flagged agentic AI as a factor. Some analysts expect the CPU-to-GPU ratio in data centers to shift toward one-to-one, which would drive demand for more advanced logic chips and more lithography equipment.
Both Chinese and non-Chinese chip makers may need to add lithography capacity to meet AI chip demand, according to Sands Capital’s analysis. That puts ASML in a strong position on both sides of the trade.
Institutional Buying Picks Up
Trans Canada Capital Inc. opened a new position in ASML during Q2 2026, buying 14,396 units worth approximately $28.64 million. ASML now makes up 1.6% of Trans Canada’s portfolio, ranking as its fifth-largest holding.
Other institutions added to positions as well. Boston Common Asset Management started a new position worth $4.35 million in Q1. Cambridge Investment Research Advisors grew its stake by 3.5% in Q4. Griffin Asset Management also grew its holdings by 3.5%.
In total, institutional investors now own 26.07% of ASML stock. The number of hedge funds holding ASML rose from 133 to 140 between Q1 and Q2 2026.
Analyst Targets Rise
Bernstein made the boldest call, raising its price target from $1,971 to $2,623 and keeping an “outperform” rating. Argus set a $2,100 target, and Morgan Stanley kept its “overweight” rating.
The average analyst price target across all firms stands at $1,970.33. Of the 32 analysts covering the stock, 25 rate it a Buy or Strong Buy. Four rate it Hold and three rate it Sell.
ASML’s 50-day moving average is $1,751 and its 200-day moving average is $1,602.20. The stock carries a P/E ratio of 53.36 and a price-to-earnings-growth ratio of 0.85.
On the earnings front, ASML reported EPS of $8.65 for its most recent quarter on revenue of $10.62 billion. Net margin came in at 30.11% and return on equity at 52.71%.
Analysts forecast full-year EPS of $44.99. ASML also paid a quarterly dividend of $2.1507 on August 5, representing an annualized yield of 0.5%.
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