Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECO) from a hold rating to a strong-buy rating in a research report released on Thursday morning, Zacks.com reports. The brokerage currently has $16.00 target price on the semiconductor company’s stock.
According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “
Several other research firms have also recently commented on VECO. Northland Securities reissued a buy rating and set a $14.00 price target on shares of Veeco Instruments in a research note on Monday, May 6th. Benchmark reissued a hold rating on shares of Veeco Instruments in a research note on Tuesday, February 12th. ValuEngine raised shares of Veeco Instruments from a sell rating to a hold rating in a research note on Monday, February 4th. Finally, BidaskClub raised shares of Veeco Instruments from a buy rating to a strong-buy rating in a research note on Wednesday, February 20th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $14.25.
Shares of Veeco Instruments stock opened at $12.50 on Thursday. The company has a current ratio of 3.32, a quick ratio of 2.34 and a debt-to-equity ratio of 0.69. The stock has a market cap of $608.44 million, a price-to-earnings ratio of -312.50 and a beta of 1.31. Veeco Instruments has a 1-year low of $6.27 and a 1-year high of $18.70.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The firm had revenue of $99.37 million for the quarter, compared to analysts’ expectations of $96.75 million. Veeco Instruments had a negative net margin of 84.86% and a negative return on equity of 3.17%. The company’s quarterly revenue was down 37.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. As a group, equities analysts anticipate that Veeco Instruments will post -0.41 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in VECO. Neuburgh Advisers LLC grew its stake in shares of Veeco Instruments by 47.2% during the fourth quarter. Neuburgh Advisers LLC now owns 7,040 shares of the semiconductor company’s stock valued at $52,000 after purchasing an additional 2,256 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Veeco Instruments by 32.1% during the fourth quarter. Bank of Montreal Can now owns 7,665 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 1,864 shares during the last quarter. SEI Investments Co grew its stake in shares of Veeco Instruments by 94.8% during the first quarter. SEI Investments Co now owns 7,888 shares of the semiconductor company’s stock valued at $86,000 after purchasing an additional 3,839 shares during the last quarter. Caxton Associates LP acquired a new position in Veeco Instruments in the fourth quarter valued at approximately $90,000. Finally, Fox Run Management L.L.C. acquired a new position in Veeco Instruments in the fourth quarter valued at approximately $91,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.
About Veeco Instruments
Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.
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