Veeco Instruments Inc. (NASDAQ:VECO) SVP Sells $225,705.00 in Stock

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) SVP Adrian Devasahayam sold 11,010 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $20.50, for a total value of $225,705.00. Following the transaction, the senior vice president now directly owns 89,254 shares in the company, valued at approximately $1,829,707. This represents a 10.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Veeco Instruments Stock Performance

VECO traded down $0.22 during trading on Thursday, reaching $21.35. 395,211 shares of the company's stock were exchanged, compared to its average volume of 748,039. The company has a market capitalization of $1.28 billion, a P/E ratio of 17.22 and a beta of 1.11. The company has a quick ratio of 2.69, a current ratio of 3.98 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $19.47 and a 200 day moving average price of $23.09. Veeco Instruments Inc. has a fifty-two week low of $16.92 and a fifty-two week high of $49.25.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last posted its earnings results on Wednesday, May 7th. The semiconductor company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. The business had revenue of $167.29 million for the quarter, compared to analysts' expectations of $166.00 million. Veeco Instruments had a net margin of 10.28% and a return on equity of 9.38%. The firm's revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, analysts predict that Veeco Instruments Inc. will post 0.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VECO has been the topic of a number of recent analyst reports. Needham & Company LLC dropped their price target on shares of Veeco Instruments from $35.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Wall Street Zen raised Veeco Instruments from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Citigroup dropped their price objective on Veeco Instruments from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Benchmark decreased their target price on Veeco Instruments from $38.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Finally, Barclays lowered their target price on Veeco Instruments from $22.00 to $21.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.43.

Hedge Funds Weigh In On Veeco Instruments

Several hedge funds and other institutional investors have recently modified their holdings of VECO. Versant Capital Management Inc raised its stake in Veeco Instruments by 396.2% during the first quarter. Versant Capital Management Inc now owns 1,295 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 1,034 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Veeco Instruments by 257.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,276 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 919 shares in the last quarter. Brooklyn Investment Group bought a new position in Veeco Instruments during the 1st quarter valued at about $37,000. Signaturefd LLC lifted its holdings in Veeco Instruments by 213.9% during the 1st quarter. Signaturefd LLC now owns 3,139 shares of the semiconductor company's stock valued at $63,000 after purchasing an additional 2,139 shares during the last quarter. Finally, US Bancorp DE boosted its position in Veeco Instruments by 33.6% in the first quarter. US Bancorp DE now owns 3,366 shares of the semiconductor company's stock valued at $68,000 after buying an additional 847 shares in the last quarter. Institutional investors own 98.46% of the company's stock.

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.