Veeco Instruments (NASDAQ:VECO) Price Target Increased to $39.00 by Analysts at The Goldman Sachs Group

Veeco Instruments (NASDAQ:VECO) had its price target upped by The Goldman Sachs Group from $35.00 to $39.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective suggests a potential downside of 0.74% from the stock’s current price.

Several other equities research analysts have also weighed in on VECO. Benchmark raised their target price on Veeco Instruments from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Citigroup lifted their price target on Veeco Instruments from $36.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Barclays lifted their price target on Veeco Instruments from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Needham & Company LLC lifted their price target on Veeco Instruments from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.00.

Veeco Instruments Price Performance

VECO stock opened at $39.29 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.24 and a quick ratio of 2.15. Veeco Instruments has a 1 year low of $19.05 and a 1 year high of $40.30. The firm has a market capitalization of $2.21 billion, a P/E ratio of -60.45 and a beta of 1.18. The business’s 50-day moving average is $35.34 and its two-hundred day moving average is $31.91.

Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. Veeco Instruments had a positive return on equity of 11.10% and a negative net margin of 4.56%. The business had revenue of $173.92 million for the quarter, compared to analyst estimates of $170.00 million. Analysts anticipate that Veeco Instruments will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeco Instruments

In other Veeco Instruments news, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total value of $170,500.00. Following the transaction, the senior vice president now directly owns 67,278 shares in the company, valued at approximately $2,294,179.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total value of $854,295.30. Following the sale, the chief executive officer now directly owns 545,091 shares in the company, valued at $19,241,712.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $34.10, for a total value of $170,500.00. Following the completion of the sale, the senior vice president now owns 67,278 shares in the company, valued at $2,294,179.80. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Veeco Instruments

A number of institutional investors have recently modified their holdings of VECO. NBC Securities Inc. acquired a new position in Veeco Instruments during the third quarter worth $26,000. Federated Hermes Inc. acquired a new position in Veeco Instruments during the third quarter worth $33,000. Ulland Investment Advisors LLC acquired a new position in Veeco Instruments during the first quarter worth $33,000. Covestor Ltd raised its holdings in Veeco Instruments by 1,311.0% during the third quarter. Covestor Ltd now owns 1,284 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 1,193 shares during the last quarter. Finally, Montag A & Associates Inc. acquired a new position in Veeco Instruments during the first quarter worth $99,000. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.