Veeco Instruments (NASDAQ:VECO) Stock Price Up 9.8% – Here’s What Happened

Veeco Instruments Inc. (NASDAQ:VECO)’s share price traded up 9.8% during trading on Tuesday . The company traded as high as $34.13 and last traded at $34.6910. 417,175 shares traded hands during trading, a decline of 54% from the average session volume of 914,108 shares. The stock had previously closed at $31.60.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VECO. Zacks Research raised Veeco Instruments from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research note on Thursday, February 26th. Citigroup increased their target price on shares of Veeco Instruments from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Veeco Instruments in a research note on Wednesday, January 21st. One research 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’s stock. According to data from MarketBeat.com, Veeco Instruments has a consensus rating of “Moderate Buy” and an average target price of $28.17.

Veeco Instruments Stock Up 7.5%

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 company has a market capitalization of $2.23 billion, a P/E ratio of 62.65 and a beta of 1.17. The stock has a 50 day moving average price of $31.58 and a 200 day moving average price of $30.27.

Insider Buying and Selling

In other news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the sale, the chief executive officer directly owned 414,543 shares of the company’s stock, valued at approximately $13,107,849.66. This trade represents a 10.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its holdings in Veeco Instruments by 75.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 1,019 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Veeco Instruments by 125.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company’s stock valued at $70,000 after acquiring an additional 1,370 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Veeco Instruments during the fourth quarter worth $77,000. Johnson Financial Group Inc. acquired a new position in shares of Veeco Instruments during the third quarter worth $91,000. Finally, Global Retirement Partners LLC grew its stake in shares of Veeco Instruments by 16,961.9% in the fourth quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock worth $102,000 after purchasing an additional 3,562 shares during the last quarter. 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.