Veeco Instruments Inc. (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage presently has a $25.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 13.95% from the company’s previous close.
According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “
Several other analysts also recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a research note on Friday. Benchmark Co. raised their target price on Veeco Instruments from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Finally, Deutsche Bank AG upgraded Veeco Instruments from a “hold” rating to a “buy” rating and raised their target price for the company from $16.00 to $22.00 in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $24.00.
Veeco Instruments (NASDAQ:VECO) opened at 21.94 on Friday. The stock has a 50 day moving average price of $19.87 and a 200 day moving average price of $18.42. The firm’s market cap is $891.60 million. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.09.
Veeco Instruments (NASDAQ:VECO) last issued its earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The company earned $75.30 million during the quarter, compared to the consensus estimate of $76.30 million. Veeco Instruments had a negative return on equity of 2.37% and a negative net margin of 13.00%. The firm’s revenue for the quarter was down 42.7% compared to the same quarter last year. During the same period last year, the business posted $0.20 EPS. Equities analysts predict that Veeco Instruments will post ($0.50) earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of VECO. Mason Street Advisors LLC purchased a new position in Veeco Instruments during the second quarter valued at approximately $129,000. Schwab Charles Investment Management Inc. boosted its position in Veeco Instruments by 9.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 226,072 shares of the company’s stock valued at $3,744,000 after buying an additional 18,962 shares in the last quarter. Arizona State Retirement System boosted its position in Veeco Instruments by 1.0% in the second quarter. Arizona State Retirement System now owns 20,712 shares of the company’s stock valued at $343,000 after buying an additional 200 shares in the last quarter. Penn Capital Management Co. Inc. boosted its position in Veeco Instruments by 168.8% in the second quarter. Penn Capital Management Co. Inc. now owns 418,771 shares of the company’s stock valued at $6,935,000 after buying an additional 262,951 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Veeco Instruments by 4.6% in the second quarter. Thrivent Financial for Lutherans now owns 19,070 shares of the company’s stock valued at $316,000 after buying an additional 830 shares in the last quarter. 94.95% of the stock is currently owned by hedge funds and other institutional investors.
Veeco Instruments Company Profile
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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