Veeco Instruments Inc. (NASDAQ:VECO) Receives Average Recommendation of "Moderate Buy" from Brokerages

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) has received an average rating of "Moderate Buy" from the seven research firms that are currently covering the firm, MarketBeat.com reports. Three 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 issued ratings on the stock in the last year is $45.57.

A number of brokerages recently commented on VECO. The Goldman Sachs Group dropped their target price on Veeco Instruments from $39.00 to $35.00 and set a "neutral" rating on the stock in a research report on Thursday, August 8th. StockNews.com downgraded shares of Veeco Instruments from a "hold" rating to a "sell" rating in a report on Wednesday. Oppenheimer lifted their price objective on shares of Veeco Instruments from $45.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, June 27th. Northland Securities cut their price target on Veeco Instruments from $53.00 to $47.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $55.00 price objective on shares of Veeco Instruments in a report on Wednesday, August 7th.

Veeco Instruments Stock Down 0.2 %

NASDAQ:VECO traded down $0.07 during midday trading on Thursday, reaching $29.16. 479,524 shares of the stock traded hands, compared to its average volume of 657,779. The stock has a market capitalization of $1.65 billion, a PE ratio of -64.82 and a beta of 1.16. Veeco Instruments has a 12-month low of $23.63 and a 12-month high of $49.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.32 and a current ratio of 3.52. The business has a 50-day moving average of $32.92 and a two-hundred day moving average of $37.95.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.01). The business had revenue of $175.88 million for the quarter, compared to analysts' expectations of $176.03 million. Veeco Instruments had a return on equity of 12.03% and a net margin of 11.83%. Veeco Instruments's revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 EPS. On average, equities analysts forecast that Veeco Instruments will post 1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the firm's stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $32.63, for a total value of $81,575.00. Following the transaction, the chief financial officer now owns 82,642 shares in the company, valued at approximately $2,696,608.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC boosted its stake in Veeco Instruments by 130.6% during the third quarter. Signaturefd LLC now owns 1,328 shares of the semiconductor company's stock worth $44,000 after buying an additional 752 shares during the period. GAMMA Investing LLC boosted its position in shares of Veeco Instruments by 237.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,677 shares of the semiconductor company's stock worth $78,000 after acquiring an additional 1,180 shares in the last quarter. Montag A & Associates Inc. purchased a new position in Veeco Instruments in the first quarter valued at approximately $99,000. nVerses Capital LLC raised its stake in Veeco Instruments by 733.3% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the semiconductor company's stock worth $117,000 after acquiring an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Veeco Instruments by 3,213.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,804 shares of the semiconductor company's stock valued at $145,000 after purchasing an additional 4,659 shares during the period. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

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.