Veeco Instruments (NASDAQ:VECO) Hits New 12-Month High at $47.25

Veeco Instruments Inc. (NASDAQ:VECO) hit a new 52-week high on Tuesday . The stock traded as high as $47.25 and last traded at $46.93, with a volume of 22596 shares traded. The stock had previously closed at $47.18.

Wall Street Analyst Weigh In

VECO has been the topic of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $45.00 target price (up from $40.00) on shares of Veeco Instruments in a research report on Wednesday, May 15th. Barclays increased their target price on Veeco Instruments from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group increased their target price on Veeco Instruments from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. Needham & Company LLC increased their price target on Veeco Instruments from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, Citigroup increased their price target on Veeco Instruments from $36.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $40.71.

Veeco Instruments Stock Up 2.1 %

The company has a 50 day moving average of $39.44 and a two-hundred day moving average of $35.10. The company has a current ratio of 3.05, a quick ratio of 2.02 and a debt-to-equity ratio of 0.36.

Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Tuesday, May 7th. The semiconductor company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. Veeco Instruments had a positive return on equity of 11.97% and a negative net margin of 2.51%. The business had revenue of $174.48 million during the quarter, compared to analysts’ expectations of $170.00 million. As a group, sell-side analysts predict that Veeco Instruments Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity at Veeco Instruments

In related news, Director Dennis Thomas St sold 4,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $37.72, for a total value of $150,880.00. Following the completion of the transaction, the director now owns 51,861 shares in the company, valued at approximately $1,956,196.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO William John Miller sold 30,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $38.19, for a total value of $1,145,700.00. Following the completion of the transaction, the chief executive officer now owns 515,091 shares in the company, valued at approximately $19,671,325.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis Thomas St sold 4,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $37.72, for a total value of $150,880.00. Following the completion of the transaction, the director now owns 51,861 shares of the company’s stock, valued at approximately $1,956,196.92. The disclosure for this sale can be found here. Insiders sold 36,500 shares of company stock valued at $1,405,055 over the last 90 days. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veeco Instruments

A number of hedge funds and other institutional investors have recently modified their holdings of VECO. Federated Hermes Inc. acquired a new position in shares of Veeco Instruments in the 3rd quarter valued at $33,000. Ulland Investment Advisors LLC purchased a new stake in Veeco Instruments in the 1st quarter worth about $33,000. Covestor Ltd lifted its stake in Veeco Instruments by 1,311.0% in the 3rd quarter. Covestor Ltd now owns 1,284 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 1,193 shares in the last quarter. Montag A & Associates Inc. purchased a new stake in Veeco Instruments in the 1st quarter worth about $99,000. Finally, Foundry Partners LLC purchased a new stake in Veeco Instruments in the 1st quarter worth about $203,000. 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.