Veeco Instruments Inc. (VECO) Price Target Lowered to $27.00 at Needham & Company LLC
Veeco Instruments Inc. (NASDAQ:VECO) had its price target decreased by Needham & Company LLC from $36.00 to $27.00 in a research report report published on Wednesday morning. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Veeco Instruments from a hold rating to a sell rating in a report on Saturday, July 22nd. BidaskClub cut shares of Veeco Instruments from a hold rating to a sell rating in a report on Saturday, June 17th. Stifel Nicolaus restated a buy rating and set a $38.00 price target (up from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. Deutsche Bank AG cut shares of Veeco Instruments from a buy rating to a hold rating and cut their price target for the stock from $35.00 to $30.00 in a report on Friday, August 4th. Finally, J P Morgan Chase & Co upgraded shares of Veeco Instruments from a neutral rating to an overweight rating and boosted their price target for the stock from $35.00 to $39.00 in a report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $31.70.
Veeco Instruments (NASDAQ VECO) opened at 19.25 on Wednesday. Veeco Instruments has a 12-month low of $18.30 and a 12-month high of $34.38. The firm’s 50-day moving average price is $26.09 and its 200 day moving average price is $28.78. The company’s market capitalization is $932.09 million.
Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative net margin of 23.65% and a negative return on equity of 1.33%. The business had revenue of $115.07 million for the quarter, compared to analysts’ expectations of $110.87 million. During the same period in the previous year, the company earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, equities research analysts expect that Veeco Instruments will post $0.48 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning boosted its position in Veeco Instruments by 3.4% in the first quarter. Creative Planning now owns 3,624 shares of the semiconductor company’s stock worth $108,000 after buying an additional 120 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in Veeco Instruments by 32.9% in the second quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock worth $115,000 after buying an additional 1,026 shares during the last quarter. FNY Partners Fund LP bought a new position in Veeco Instruments during the first quarter worth $126,000. State of Alaska Department of Revenue boosted its position in Veeco Instruments by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 4,480 shares of the semiconductor company’s stock worth $133,000 after buying an additional 80 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Veeco Instruments by 7.6% in the first quarter. Bank of Montreal Can now owns 5,506 shares of the semiconductor company’s stock worth $165,000 after buying an additional 391 shares during the last quarter. Hedge funds and other institutional investors own 96.16% of the company’s stock.
Veeco Instruments Company Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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