Veeco Instruments Inc. (NASDAQ:VECO) Receives $27.33 Average Price Target from Analysts

Shares of Veeco Instruments Inc. (NASDAQ:VECO) have earned an average rating of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $27.3333.

VECO has been the subject of several analyst reports. Needham & Company LLC boosted their price objective on Veeco Instruments from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Benchmark dropped their target price on Veeco Instruments from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, August 7th.

Veeco Instruments Stock Performance

Shares of NASDAQ VECO opened at $28.40 on Friday. The company has a current ratio of 5.10, a quick ratio of 3.43 and a debt-to-equity ratio of 0.26. The stock has a 50 day simple moving average of $23.29 and a 200-day simple moving average of $21.21. The company has a market cap of $1.71 billion, a PE ratio of 27.84 and a beta of 1.23. Veeco Instruments has a 12-month low of $16.92 and a 12-month high of $34.34.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Wednesday, August 6th. The semiconductor company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.14. The business had revenue of $166.10 million during the quarter, compared to the consensus estimate of $151.31 million. Veeco Instruments had a return on equity of 7.38% and a net margin of 8.65%.The business’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, equities research analysts forecast that Veeco Instruments will post 0.76 EPS for the current year.

Insider Activity at Veeco Instruments

In related news, SVP Adrian Devasahayam sold 4,046 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $26.00, for a total transaction of $105,196.00. Following the sale, the senior vice president owned 86,134 shares of the company’s stock, valued at $2,239,484. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William John Miller sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $25.00, for a total value of $625,000.00. Following the sale, the chief executive officer directly owned 470,671 shares in the company, valued at approximately $11,766,775. The trade was a 5.04% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP increased its holdings in shares of Veeco Instruments by 4.9% in the second quarter. Wasatch Advisors LP now owns 3,396,804 shares of the semiconductor company’s stock valued at $69,023,000 after buying an additional 157,978 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Veeco Instruments by 9.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,215,031 shares of the semiconductor company’s stock valued at $65,329,000 after buying an additional 284,716 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Veeco Instruments by 6.6% in the first quarter. The Manufacturers Life Insurance Company now owns 2,930,315 shares of the semiconductor company’s stock valued at $58,841,000 after buying an additional 182,143 shares in the last quarter. Paradigm Capital Management Inc. NY increased its holdings in shares of Veeco Instruments by 1.3% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,410,000 shares of the semiconductor company’s stock valued at $48,971,000 after buying an additional 30,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Veeco Instruments by 4.7% in the second quarter. Geode Capital Management LLC now owns 1,433,171 shares of the semiconductor company’s stock valued at $29,125,000 after buying an additional 64,729 shares in the last quarter. Institutional investors own 98.46% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.