Zacks Investment Research upgraded shares of Veeco Instruments Inc. (NASDAQ:VECO) from a sell rating to a hold rating in a report issued on Thursday.

According to Zacks, “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 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. The Company’s equipment is used to make electronic devices, including light emitting diodes (LEDs), MEMS, wireless devices, power electronics, hard disk drives (HDDs) and semiconductor devices. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

A number of other equities research analysts have also recently commented on the stock. BidaskClub cut shares of Veeco Instruments from a hold rating to a sell rating in a report on Saturday, June 17th. Needham & Company LLC reduced their price target on shares of Veeco Instruments from $36.00 to $27.00 and set a buy rating for the company in a report on Wednesday, August 30th. Deutsche Bank AG set a $21.00 price target on shares of Veeco Instruments and gave the stock a hold rating in a report on Wednesday, August 30th. ValuEngine cut shares of Veeco Instruments from a hold rating to a sell rating in a report on Friday, September 1st. Finally, Stifel Nicolaus restated a buy rating and issued a $38.00 price target (up from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $30.89.

Veeco Instruments (VECO) opened at 21.40 on Thursday. The firm’s market cap is $1.04 billion. Veeco Instruments has a one year low of $18.30 and a one year high of $34.38. The stock has a 50 day moving average of $20.12 and a 200 day moving average of $27.23.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $115.07 million during the quarter, compared to analysts’ expectations of $110.87 million. During the same period in the prior year, the company posted ($0.19) earnings per share. Veeco Instruments’s revenue for the quarter was up 52.7% compared to the same quarter last year. Equities research analysts predict that Veeco Instruments will post $0.46 EPS for the current fiscal year.

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A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Veeco Instruments by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock worth $116,057,000 after purchasing an additional 554,206 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Veeco Instruments by 15.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,860,280 shares of the semiconductor company’s stock valued at $79,659,000 after buying an additional 381,884 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in shares of Veeco Instruments by 24.2% during the second quarter. Frontier Capital Management Co. LLC now owns 2,601,473 shares of the semiconductor company’s stock valued at $72,451,000 after buying an additional 506,595 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in shares of Veeco Instruments by 0.8% during the second quarter. Eagle Asset Management Inc. now owns 2,480,198 shares of the semiconductor company’s stock valued at $69,073,000 after buying an additional 18,713 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Veeco Instruments by 17.5% during the second quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock valued at $40,138,000 after buying an additional 214,477 shares during the last quarter. Institutional investors and hedge funds own 96.00% of the company’s stock.

About Veeco Instruments

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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Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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