Veeco Instruments Inc. (NASDAQ:VECO) Shares Bought by Inspire Investing LLC

Inspire Investing LLC grew its stake in Veeco Instruments Inc. (NASDAQ:VECO) by 88.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,180 shares of the semiconductor company’s stock after buying an additional 8,988 shares during the quarter. Inspire Investing LLC’s holdings in Veeco Instruments were worth $896,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Ulland Investment Advisors LLC acquired a new position in Veeco Instruments in the first quarter valued at approximately $33,000. GAMMA Investing LLC lifted its stake in shares of Veeco Instruments by 237.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,677 shares of the semiconductor company’s stock valued at $78,000 after purchasing an additional 1,180 shares during the period. nVerses Capital LLC boosted its holdings in Veeco Instruments by 733.3% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the semiconductor company’s stock worth $117,000 after buying an additional 2,200 shares in the last quarter. Montag A & Associates Inc. acquired a new stake in Veeco Instruments during the first quarter valued at $99,000. Finally, Ausbil Investment Management Ltd purchased a new position in Veeco Instruments in the second quarter valued at $200,000. Hedge funds and other institutional investors own 98.46% of the company’s stock.

Insider Transactions at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $29.04, for a total transaction of $72,600.00. Following the transaction, the chief financial officer now owns 85,142 shares in the company, valued at $2,472,523.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Veeco Instruments Trading Down 1.1 %

Shares of VECO stock opened at $31.60 on Friday. Veeco Instruments Inc. has a fifty-two week low of $23.63 and a fifty-two week high of $49.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.32 and a current ratio of 3.52. The stock’s fifty day moving average is $36.52 and its two-hundred day moving average is $38.43. The firm has a market capitalization of $1.79 billion, a P/E ratio of -70.78 and a beta of 1.17.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01). Veeco Instruments had a return on equity of 12.03% and a net margin of 11.83%. The business had revenue of $175.88 million during the quarter, compared to analysts’ expectations of $176.03 million. During the same period in the prior year, the business posted $0.21 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts expect that Veeco Instruments Inc. will post 1.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VECO has been the topic of a number of analyst reports. Oppenheimer raised their target price on Veeco Instruments from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, June 27th. Northland Securities cut their price objective on Veeco Instruments from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup lowered Veeco Instruments from a “buy” rating to a “neutral” rating and increased their target price for the company from $45.00 to $50.00 in a research report on Monday, July 15th. Benchmark reissued a “buy” rating and issued a $42.00 price target on shares of Veeco Instruments in a report on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Veeco Instruments in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Veeco Instruments presently has an average rating of “Moderate Buy” and a consensus price target of $45.57.

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.