Veeco Instruments (NASDAQ:VECO) Issues FY 2024 Earnings Guidance

Veeco Instruments (NASDAQ:VECO - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.070-1.260 for the period, compared to the consensus EPS estimate of 1.210. The company issued revenue guidance of -. Veeco Instruments also updated its Q4 guidance to $0.36-$0.44 EPS.

Analysts Set New Price Targets

A number of research analysts have issued reports on VECO shares. Benchmark decreased their target price on shares of Veeco Instruments from $42.00 to $38.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Citigroup upgraded Veeco Instruments from a "neutral" rating to a "buy" rating and set a $33.00 target price for the company in a research report on Monday, January 6th. StockNews.com raised Veeco Instruments from a "sell" rating to a "hold" rating in a research note on Friday, December 6th. Oppenheimer reduced their price objective on shares of Veeco Instruments from $45.00 to $40.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group dropped their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.71.

Veeco Instruments Price Performance

Shares of VECO stock traded up $0.12 on Tuesday, reaching $26.25. The company had a trading volume of 590,835 shares, compared to its average volume of 634,404. The business's 50-day moving average is $27.72 and its 200 day moving average is $33.02. Veeco Instruments has a one year low of $25.52 and a one year high of $49.25. The company has a quick ratio of 2.41, a current ratio of 3.54 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.49 billion, a PE ratio of 19.44 and a beta of 1.15.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $184.80 million during the quarter, compared to the consensus estimate of $180.57 million. Veeco Instruments had a net margin of 11.34% and a return on equity of 10.92%. The firm's revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 EPS. Equities research analysts forecast that Veeco Instruments will post 1.12 EPS for the current fiscal year.

Insider Transactions at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $27.63, for a total transaction of $69,075.00. Following the sale, the chief financial officer now owns 75,142 shares in the company, valued at $2,076,173.46. This represents a 3.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

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 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.