Benchmark Has Lowered Expectations for Veeco Instruments (NASDAQ:VECO) Stock Price

Veeco Instruments (NASDAQ:VECO - Free Report) had its price objective lowered by Benchmark from $38.00 to $31.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the semiconductor company's stock.

VECO has been the topic of several other reports. StockNews.com upgraded shares of Veeco Instruments from a "sell" rating to a "hold" rating in a research note on Friday, December 6th. The Goldman Sachs Group cut their target price on Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Barclays decreased their target price on Veeco Instruments from $30.00 to $25.00 and set an "equal weight" rating for the company in a research report on Thursday. Citigroup raised Veeco Instruments from a "neutral" rating to a "buy" rating and set a $33.00 price target on the stock in a research report on Monday, January 6th. Finally, Oppenheimer reissued an "outperform" rating and issued a $35.00 price objective (down from $40.00) on shares of Veeco Instruments in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.43.

Veeco Instruments Trading Up 1.6 %

Shares of VECO stock traded up $0.40 on Thursday, hitting $24.67. The stock had a trading volume of 885,723 shares, compared to its average volume of 595,984. The company's 50 day moving average price is $26.60 and its 200-day moving average price is $29.83. Veeco Instruments has a 1 year low of $23.00 and a 1 year high of $49.25. The firm has a market capitalization of $1.40 billion, a P/E ratio of 18.27 and a beta of 1.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.54 and a quick ratio of 2.41.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The semiconductor company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14). Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. Analysts anticipate that Veeco Instruments will post 1.12 earnings per share for the current year.

Insider Activity

In related news, CFO John P. Kiernan sold 2,500 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $24.51, for a total transaction of $61,275.00. Following the completion of the sale, the chief financial officer now owns 72,642 shares of the company's stock, valued at approximately $1,780,455.42. This represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Veeco Instruments

Large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its position in Veeco Instruments by 257.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,276 shares of the semiconductor company's stock valued at $35,000 after purchasing an additional 919 shares during the period. Signaturefd LLC grew its stake in shares of Veeco Instruments by 130.6% in the third quarter. Signaturefd LLC now owns 1,328 shares of the semiconductor company's stock valued at $44,000 after buying an additional 752 shares in the last quarter. 272 Capital LP purchased a new stake in shares of Veeco Instruments during the 3rd quarter valued at about $50,000. KBC Group NV raised its holdings in shares of Veeco Instruments by 46.8% during the 3rd quarter. KBC Group NV now owns 2,088 shares of the semiconductor company's stock valued at $69,000 after buying an additional 666 shares during the period. Finally, US Bancorp DE lifted its position in Veeco Instruments by 14.8% during the 3rd quarter. US Bancorp DE now owns 3,864 shares of the semiconductor company's stock worth $128,000 after acquiring an additional 498 shares in the last quarter. Institutional investors and hedge funds 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.