Veeco Instruments (NASDAQ:VECO) Price Target Raised to $28.00 at The Goldman Sachs Group

Veeco Instruments (NASDAQ:VECO) had its target price lifted by The Goldman Sachs Group from $25.00 to $28.00 in a research note released on Tuesday morning, The Fly reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other research firms also recently issued reports on VECO. Oppenheimer boosted their target price on shares of Veeco Instruments from $29.00 to $34.00 and gave the company an outperform rating in a research report on Wednesday, November 3rd. Zacks Investment Research downgraded shares of Veeco Instruments from a buy rating to a hold rating in a report on Wednesday, November 10th. Stifel Nicolaus upped their price objective on shares of Veeco Instruments from $30.00 to $33.00 in a report on Tuesday. Finally, Northland Securities restated an outperform rating and set a $32.00 price objective on shares of Veeco Instruments in a report on Tuesday, December 28th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Veeco Instruments currently has an average rating of Buy and a consensus price target of $33.14.

Veeco Instruments stock opened at $31.99 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 3.49 and a debt-to-equity ratio of 0.76. Veeco Instruments has a 12-month low of $18.22 and a 12-month high of $32.40. The firm’s fifty day moving average is $27.34 and its 200 day moving average is $24.34. The company has a market capitalization of $1.62 billion, a PE ratio of 94.09 and a beta of 1.39.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Tuesday, November 2nd. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.12. Veeco Instruments had a net margin of 3.12% and a return on equity of 12.16%. The company had revenue of $150.25 million for the quarter, compared to the consensus estimate of $146.63 million. During the same quarter in the previous year, the company earned $0.16 EPS. Sell-side analysts expect that Veeco Instruments will post 1.06 EPS for the current fiscal year.

In other news, Director Peter J. Simone sold 6,451 shares of the company’s stock in a transaction on Monday, November 8th. The shares were sold at an average price of $27.08, for a total value of $174,693.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Susan Wilkerson sold 1,896 shares of the company’s stock in a transaction on Friday, December 3rd. The stock was sold at an average price of $26.14, for a total transaction of $49,561.44. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in shares of Veeco Instruments by 40.0% in the 3rd quarter. Victory Capital Management Inc. now owns 60,333 shares of the semiconductor company’s stock worth $1,340,000 after acquiring an additional 17,248 shares in the last quarter. Mutual of America Capital Management LLC grew its position in Veeco Instruments by 7.4% during the second quarter. Mutual of America Capital Management LLC now owns 7,134 shares of the semiconductor company’s stock valued at $172,000 after buying an additional 494 shares during the period. Nordea Investment Management AB grew its position in Veeco Instruments by 100.9% during the third quarter. Nordea Investment Management AB now owns 609,442 shares of the semiconductor company’s stock valued at $13,730,000 after buying an additional 306,155 shares during the period. Amundi bought a new position in Veeco Instruments during the second quarter valued at about $177,000. Finally, M&G Investment Management Ltd. bought a new position in Veeco Instruments during the second quarter valued at about $1,180,000. Hedge funds and other institutional investors own 96.93% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments, Inc engages in the development, manufacture, sale and support of semiconductor process equipment. Its technologies consists of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems.

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