Veeco Instruments Inc. (NASDAQ:VECO) Short Interest Up 22.9% in March

Veeco Instruments Inc. (NASDAQ:VECO) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 5,942,029 shares, a growth of 22.9% from the February 26th total of 4,835,730 shares. Based on an average trading volume of 1,081,761 shares, the short-interest ratio is currently 5.5 days. Currently, 10.1% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, CEO William John Miller sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total value of $1,581,000.00. Following the transaction, the chief executive officer directly owned 414,543 shares of the company’s stock, valued at approximately $13,107,849.66. The trade was a 10.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its stake in Veeco Instruments by 75.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 1,019 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Veeco Instruments by 125.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company’s stock worth $70,000 after acquiring an additional 1,370 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Veeco Instruments during the fourth quarter worth about $77,000. Johnson Financial Group Inc. acquired a new position in shares of Veeco Instruments during the third quarter valued at about $91,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Veeco Instruments by 16,961.9% during the fourth quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 3,562 shares in the last quarter. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

Veeco Instruments Price Performance

NASDAQ VECO opened at $35.27 on Monday. The firm’s fifty day simple moving average is $31.66 and its two-hundred day simple moving average is $30.46. The firm has a market capitalization of $2.13 billion, a P/E ratio of 59.78 and a beta of 1.17. The company has a current ratio of 4.75, a quick ratio of 3.20 and a debt-to-equity ratio of 0.26. Veeco Instruments has a 12-month low of $16.92 and a 12-month high of $37.23.

Analysts Set New Price Targets

A number of research firms recently commented on VECO. Weiss Ratings reiterated a “hold (c)” rating on shares of Veeco Instruments in a research report on Wednesday, January 21st. Zacks Research raised shares of Veeco Instruments from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Finally, Citigroup lifted their price target on shares of Veeco Instruments from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.17.

About Veeco Instruments

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.