Veeco Instruments (NASDAQ:VECO) Hits New 1-Year High – Should You Buy?

Veeco Instruments Inc. (NASDAQ:VECO) reached a new 52-week high during trading on Tuesday . The company traded as high as $41.98 and last traded at $41.2280, with a volume of 105978 shares changing hands. The stock had previously closed at $40.11.

Wall Street Analyst Weigh In

A number of research analysts have commented on VECO shares. Citigroup raised their target price on shares of Veeco Instruments from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Veeco Instruments in a research report on Wednesday, January 21st. Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Finally, Zacks Research raised shares of Veeco Instruments from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.17.

Veeco Instruments Stock Performance

The business’s 50-day moving average price is $32.52 and its 200-day moving average price is $31.10. The company has a current ratio of 4.75, a quick ratio of 3.20 and a debt-to-equity ratio of 0.26. The stock has a market cap of $2.48 billion, a PE ratio of 69.59 and a beta of 1.11.

Insider Activity

In other news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $31.62, for a total value of $1,581,000.00. Following the transaction, the chief executive officer owned 414,543 shares of the company’s stock, valued at $13,107,849.66. The trade was a 10.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC grew its position in shares of Veeco Instruments by 75.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock worth $49,000 after buying an additional 1,019 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Veeco Instruments by 125.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company’s stock worth $70,000 after buying an additional 1,370 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Veeco Instruments in the 4th quarter worth approximately $77,000. Johnson Financial Group Inc. purchased a new position in shares of Veeco Instruments in the 3rd quarter worth approximately $91,000. Finally, Global Retirement Partners LLC grew its position in shares of Veeco Instruments by 16,961.9% in the 4th quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock worth $102,000 after buying an additional 3,562 shares during the last quarter. Hedge funds and other institutional investors own 98.46% of the company’s stock.

Veeco Instruments Company Profile

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.