Veeco Instruments (NASDAQ:VECO) Sees Unusually-High Trading Volume - What's Next?

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 1,409,145 shares were traded during mid-day trading, an increase of 112% from the previous session's volume of 665,737 shares.The stock last traded at $33.39 and had previously closed at $32.63.

Wall Street Analysts Forecast Growth

VECO has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their price target on Veeco Instruments from $39.00 to $35.00 and set a "neutral" rating on the stock in a research note on Thursday, August 8th. Citigroup downgraded shares of Veeco Instruments from a "buy" rating to a "neutral" rating and upped their price target for the company from $45.00 to $50.00 in a research note on Monday, July 15th. Oppenheimer increased their target price on shares of Veeco Instruments from $45.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, June 27th. Needham & Company LLC reiterated a "buy" rating and issued a $55.00 price target on shares of Veeco Instruments in a research note on Wednesday, August 7th. Finally, Northland Securities cut their target price on Veeco Instruments from $53.00 to $47.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $45.57.

Veeco Instruments Stock Performance

The company has a fifty day moving average price of $33.86 and a two-hundred day moving average price of $38.21. The company has a market capitalization of $1.89 billion, a P/E ratio of -74.00 and a beta of 1.16. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.52 and a quick ratio of 2.32.

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

Insider Buying and Selling at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $29.04, for a total value of $72,600.00. Following the transaction, the chief financial officer now owns 85,142 shares in the company, valued at approximately $2,472,523.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Veeco Instruments

Hedge funds have recently added to or reduced their stakes in the business. 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 purchasing an additional 1,180 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Veeco Instruments by 733.3% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the semiconductor company's stock valued at $117,000 after acquiring an additional 2,200 shares in the last quarter. Montag A & Associates Inc. acquired a new position in shares of Veeco Instruments during the first quarter worth approximately $99,000. Ausbil Investment Management Ltd acquired a new position in shares of Veeco Instruments during the second quarter worth approximately $200,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of Veeco Instruments in the 2nd quarter worth $210,000. 98.46% of the stock is currently owned by 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.