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

Veeco Instruments (NASDAQ:VECO) had its price objective decreased by equities researchers at Benchmark from $38.00 to $31.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s target price would suggest a potential upside of 25.66% from the company’s previous close.

A number of other brokerages have also commented on VECO. Citigroup upgraded shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Monday, January 6th. The Goldman Sachs Group decreased their price target on shares of Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Needham & Company LLC decreased their price target on shares of Veeco Instruments from $35.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday. Oppenheimer restated an “outperform” rating and set a $35.00 price target (down previously from $40.00) on shares of Veeco Instruments in a research note on Friday, February 7th. Finally, StockNews.com upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, two have given 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 1.6 %

Veeco Instruments stock opened at $24.67 on Thursday. The company has a quick ratio of 2.41, a current ratio of 3.54 and a debt-to-equity ratio of 0.33. Veeco Instruments has a 12-month low of $23.00 and a 12-month high of $49.25. The firm’s fifty day moving average is $26.60 and its 200 day moving average is $29.98. The company has a market capitalization of $1.40 billion, a PE ratio of 18.27 and a beta of 1.13.

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

Insider Transactions at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $24.51, for a total value of $61,275.00. Following the transaction, the chief financial officer now directly owns 72,642 shares of the company’s stock, valued at approximately $1,780,455.42. The trade was a 3.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Veeco Instruments

A number of hedge funds and other institutional investors have recently made changes to their positions in VECO. Wealthfront Advisers LLC purchased a new position in shares of Veeco Instruments in the 4th quarter worth about $29,676,000. Wasatch Advisors LP boosted its holdings in shares of Veeco Instruments by 50.3% in the 3rd quarter. Wasatch Advisors LP now owns 2,640,649 shares of the semiconductor company’s stock worth $87,485,000 after buying an additional 883,815 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Veeco Instruments in the 4th quarter worth about $14,373,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Veeco Instruments by 24.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,748,172 shares of the semiconductor company’s stock worth $73,651,000 after buying an additional 531,821 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Veeco Instruments by 20.1% during the third quarter. The Manufacturers Life Insurance Company now owns 2,216,351 shares of the semiconductor company’s stock valued at $73,428,000 after purchasing an additional 371,221 shares during the last quarter. 98.46% of the stock is 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.