Veeco Instruments (NASDAQ:VECO) Price Target Raised to $33.00

Veeco Instruments (NASDAQ:VECO) had its price target hoisted by Stifel Nicolaus from $30.00 to $33.00 in a research note released on Tuesday, The Fly reports.

VECO has been the topic of several other reports. Zacks Investment Research cut shares of Veeco Instruments from a buy rating to a hold rating in a research report on Wednesday, November 10th. Northland Securities restated an outperform rating and set a $32.00 price target on shares of Veeco Instruments in a report on Tuesday, December 28th. Oppenheimer boosted their price target on shares of Veeco Instruments from $29.00 to $34.00 and gave the company an outperform rating in a report on Wednesday, November 3rd. Finally, The Goldman Sachs Group cut shares of Veeco Instruments from a buy rating to a neutral rating and lowered their price target for the company from $29.00 to $26.00 in a report on Monday, September 13th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $33.14.

NASDAQ VECO opened at $31.99 on Tuesday. Veeco Instruments has a twelve month low of $18.22 and a twelve month high of $32.40. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.58 and a current ratio of 3.49. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 94.09 and a beta of 1.39. The firm’s 50 day moving average price is $27.34 and its two-hundred day moving average price is $24.34.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Tuesday, November 2nd. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.12. Veeco Instruments had a net margin of 3.12% and a return on equity of 12.16%. The firm had revenue of $150.25 million for the quarter, compared to analysts’ expectations of $146.63 million. During the same period in the previous year, the company posted $0.16 EPS. On average, research analysts forecast that Veeco Instruments will post 1.06 EPS for the current fiscal year.

In related news, Director Peter J. Simone sold 6,451 shares of Veeco Instruments stock in a transaction on Monday, November 8th. The shares were sold at an average price of $27.08, for a total value of $174,693.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Susan Wilkerson sold 1,896 shares of Veeco Instruments stock in a transaction on Friday, December 3rd. The shares were sold at an average price of $26.14, for a total transaction of $49,561.44. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in VECO. First Trust Advisors LP lifted its position in Veeco Instruments by 4.3% during the 1st quarter. First Trust Advisors LP now owns 46,775 shares of the semiconductor company’s stock worth $507,000 after acquiring an additional 1,945 shares during the last quarter. Sei Investments Co. acquired a new position in Veeco Instruments during the 2nd quarter worth $315,000. Mutual of America Capital Management LLC lifted its position in Veeco Instruments by 7.4% during the 2nd quarter. Mutual of America Capital Management LLC now owns 7,134 shares of the semiconductor company’s stock worth $172,000 after acquiring an additional 494 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Veeco Instruments during the 2nd quarter worth $337,000. Finally, Citigroup Inc. lifted its position in Veeco Instruments by 95.7% during the 2nd quarter. Citigroup Inc. now owns 46,312 shares of the semiconductor company’s stock worth $1,113,000 after acquiring an additional 22,648 shares during the last quarter. 96.93% of the stock is owned by hedge funds and other institutional investors.

About Veeco Instruments

Veeco Instruments, Inc engages in the development, manufacture, sale and support of semiconductor process equipment. Its technologies consists of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems.

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