Benchmark Has Lowered Expectations for Veeco Instruments (NASDAQ:VECO) Stock Price

Veeco Instruments (NASDAQ:VECO) had its target price reduced by Benchmark from $38.00 to $31.00 in a report issued on Thursday morning,Benzinga reports. Benchmark currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts also recently weighed in on the stock. StockNews.com raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. The Goldman Sachs Group decreased their price objective on Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Barclays dropped their target price on Veeco Instruments from $30.00 to $25.00 and set an “equal weight” rating on the stock in a report on Thursday. Oppenheimer restated an “outperform” rating and issued a $35.00 price target (down from $40.00) on shares of Veeco Instruments in a research note on Friday, February 7th. Finally, Citigroup upgraded Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Veeco Instruments currently has a consensus rating of “Moderate Buy” and an average target price of $32.43.

Veeco Instruments Stock Up 2.6 %

VECO stock opened at $24.27 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.54 and a quick ratio of 2.41. The stock has a market capitalization of $1.38 billion, a P/E ratio of 17.98 and a beta of 1.13. Veeco Instruments has a fifty-two week low of $23.00 and a fifty-two week high of $49.25. The business has a 50-day moving average of $26.67 and a 200-day moving average of $30.08.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Wednesday, February 12th. The semiconductor company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). Veeco Instruments had a net margin of 11.34% and a return on equity of 10.92%. On average, sell-side analysts anticipate that Veeco Instruments will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $24.51, for a total transaction of $61,275.00. Following the completion of the transaction, the chief financial officer now directly owns 72,642 shares in the company, valued at approximately $1,780,455.42. The trade was a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Veeco Instruments

Several hedge funds have recently added to or reduced their stakes in VECO. US Bancorp DE increased its holdings in shares of Veeco Instruments by 14.8% in the third quarter. US Bancorp DE now owns 3,864 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 498 shares during the last quarter. KBC Group NV boosted its holdings in shares of Veeco Instruments by 46.8% during the 3rd quarter. KBC Group NV now owns 2,088 shares of the semiconductor company’s stock worth $69,000 after buying an additional 666 shares during the period. Signaturefd LLC grew its stake in Veeco Instruments by 130.6% in the 3rd quarter. Signaturefd LLC now owns 1,328 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 752 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in Veeco Instruments by 11.0% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 9,099 shares of the semiconductor company’s stock valued at $301,000 after acquiring an additional 901 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Veeco Instruments by 257.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,276 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 919 shares during the last quarter. Institutional investors and hedge funds own 98.46% of the company’s stock.

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.