Veeco Instruments Inc. (VECO) Earns Hold Rating from Needham & Company LLC
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Friday.
VECO has been the topic of a number of other research reports. Benchmark Co. boosted their price objective on shares of Veeco Instruments from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Deutsche Bank AG upgraded shares of Veeco Instruments from a “hold” rating to a “buy” rating and upped their target price for the company from $16.00 to $22.00 in a research note on Tuesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Veeco Instruments presently has a consensus rating of “Hold” and an average price target of $23.40.
Veeco Instruments (NASDAQ:VECO) traded up 0.23% during trading on Friday, hitting $21.94. The company had a trading volume of 257,916 shares. Veeco Instruments has a 12 month low of $15.26 and a 12 month high of $22.09. The company’s 50 day moving average price is $19.82 and its 200-day moving average price is $18.40. The company’s market cap is $891.60 million.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The business had revenue of $75.30 million for the quarter, compared to analyst estimates of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The business’s quarterly revenue was down 42.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. Equities analysts expect that Veeco Instruments will post ($0.50) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mason Street Advisors LLC purchased a new position in Veeco Instruments during the second quarter valued at approximately $129,000. BlackRock Inc. boosted its position in Veeco Instruments by 254.3% in the second quarter. BlackRock Inc. now owns 10,502 shares of the company’s stock valued at $174,000 after buying an additional 7,538 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in Veeco Instruments during the second quarter valued at approximately $186,000. BNP Paribas Arbitrage SA boosted its position in Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock valued at $206,000 after buying an additional 6,421 shares during the period. Finally, Springbok Capital Management LLC boosted its position in Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock valued at $214,000 after buying an additional 4,285 shares during the period. Hedge funds and other institutional investors own 94.95% of the company’s stock.
About Veeco Instruments
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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