Veeco Instruments (NASDAQ:VECO) Shares Gap Up Following Analyst Upgrade

Veeco Instruments Inc. (NASDAQ:VECO)’s stock price gapped up prior to trading on Thursday after Citigroup raised their price target on the stock from $36.00 to $40.00. The stock had previously closed at $28.46, but opened at $30.50. Citigroup currently has a buy rating on the stock. Veeco Instruments shares last traded at $28.6160, with a volume of 179,779 shares traded.

A number of other research firms also recently commented on VECO. Weiss Ratings reiterated a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a research report on Thursday. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.17.

Insider Activity

In related news, CEO William John Miller sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $32.00, for a total transaction of $800,000.00. Following the completion of the sale, the chief executive officer directly owned 464,543 shares in the company, valued at approximately $14,865,376. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeco Instruments

Several institutional investors and hedge funds have recently modified their holdings of VECO. Inspire Advisors LLC acquired a new position in Veeco Instruments in the 3rd quarter worth about $3,675,000. Old West Investment Management LLC lifted its holdings in shares of Veeco Instruments by 129.1% during the 3rd quarter. Old West Investment Management LLC now owns 67,632 shares of the semiconductor company’s stock valued at $2,058,000 after buying an additional 38,114 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Veeco Instruments in the 2nd quarter valued at approximately $679,000. Squarepoint Ops LLC grew its stake in shares of Veeco Instruments by 133.3% in the 2nd quarter. Squarepoint Ops LLC now owns 76,895 shares of the semiconductor company’s stock valued at $1,563,000 after buying an additional 43,941 shares in the last quarter. Finally, TradeLink Capital LLC acquired a new position in Veeco Instruments in the second quarter worth approximately $296,000. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

Veeco Instruments Stock Performance

The company has a quick ratio of 3.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.85 billion, a P/E ratio of 51.80 and a beta of 1.19. The firm’s 50-day moving average is $31.21 and its two-hundred day moving average is $29.28.

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.