Veeco Instruments (NASDAQ:VECO) Updates Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.38-0.48 for the period, compared to the consensus earnings per share estimate of $0.43. The company issued revenue guidance of $165-185 million, compared to the consensus revenue estimate of $175.22 million.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Veeco Instruments from $35.00 to $39.00 and gave the stock a neutral rating in a report on Thursday. Benchmark boosted their target price on Veeco Instruments from $34.00 to $40.00 and gave the company a buy rating in a research report on Thursday, February 15th. Citigroup boosted their price target on shares of Veeco Instruments from $36.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Barclays boosted their target price on shares of Veeco Instruments from $33.00 to $35.00 and gave the stock an equal weight rating in a research note on Wednesday. Finally, Needham & Company LLC boosted their target price on shares of Veeco Instruments from $43.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $39.00.

Veeco Instruments Stock Performance

NASDAQ VECO traded down $0.93 during trading hours on Thursday, hitting $38.36. The company had a trading volume of 302,325 shares, compared to its average volume of 525,392. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.15 and a current ratio of 3.24. Veeco Instruments has a 1-year low of $20.42 and a 1-year high of $40.30. The company has a market cap of $2.16 billion, a PE ratio of -59.02 and a beta of 1.18. The business has a 50 day moving average of $35.34 and a 200-day moving average of $31.91.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.09. The company had revenue of $173.92 million for the quarter, compared to analysts’ expectations of $170.00 million. Veeco Instruments had a negative net margin of 4.56% and a positive return on equity of 11.10%. As a group, equities research analysts expect that Veeco Instruments will post 1.39 EPS for the current year.

Insider Buying and Selling at Veeco Instruments

In other Veeco Instruments news, CEO William John Miller sold 24,201 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total value of $854,295.30. Following the completion of the sale, the chief executive officer now owns 545,091 shares of the company’s stock, valued at $19,241,712.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total transaction of $854,295.30. Following the completion of the transaction, the chief executive officer now owns 545,091 shares of the company’s stock, valued at approximately $19,241,712.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total value of $170,500.00. Following the transaction, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at approximately $2,294,179.80. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.

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.