Veeco Instruments Inc. (VECO) Rating Reiterated by Pacific Crest
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “buy” rating reaffirmed by equities researchers at Pacific Crest in a report issued on Wednesday.
Other research analysts have also recently issued research reports about the stock. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and upped their price target for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Benchmark Co. decreased their price target on shares of Veeco Instruments from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, August 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Veeco Instruments in a report on Friday, October 7th. Finally, Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Saturday, October 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Veeco Instruments presently has an average rating of “Hold” and an average price target of $23.56.
Veeco Instruments (NASDAQ:VECO) opened at 25.55 on Wednesday. Veeco Instruments has a 12 month low of $15.26 and a 12 month high of $25.95. The company’s 50-day moving average price is $22.45 and its 200 day moving average price is $19.24. The company’s market capitalization is $1.04 billion.
Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Tuesday, November 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.13. Veeco Instruments had a negative net margin of 36.77% and a negative return on equity of 4.59%. The business had revenue of $85.50 million for the quarter, compared to analysts’ expectations of $80.72 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The business’s revenue for the quarter was down 39.2% compared to the same quarter last year. Analysts forecast that Veeco Instruments will post ($0.37) EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. Scout Investments Inc. raised its stake in Veeco Instruments by 1.7% in the third quarter. Scout Investments Inc. now owns 140,600 shares of the company’s stock valued at $2,760,000 after buying an additional 2,400 shares during the last quarter. LPL Financial LLC raised its stake in Veeco Instruments by 16.7% in the third quarter. LPL Financial LLC now owns 30,184 shares of the company’s stock valued at $597,000 after buying an additional 4,328 shares during the last quarter. Credit Suisse AG raised its stake in Veeco Instruments by 52.0% in the third quarter. Credit Suisse AG now owns 79,379 shares of the company’s stock valued at $1,559,000 after buying an additional 27,166 shares during the last quarter. Penn Capital Management Co. Inc. raised its stake in Veeco Instruments by 15.0% in the third quarter. Penn Capital Management Co. Inc. now owns 481,616 shares of the company’s stock valued at $9,454,000 after buying an additional 62,845 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Veeco Instruments during the third quarter valued at about $359,000. Institutional investors and hedge funds own 92.71% 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.
Receive News & Stock Ratings for Veeco Instruments Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments Inc. and related stocks with our FREE daily email newsletter.