Veeco Instruments (NASDAQ:VECO) Given New $28.00 Price Target at Benchmark

Key Points

• Benchmark has lowered its price target for Veeco Instruments from $31.00 to $28.00, still maintaining a "buy" rating for the stock with a suggested upside of 40.42% from the previous close.
• Other analysts like Barclays and Goldman Sachs have also reduced their price targets, with Barclays setting it at $21.00 and Goldman Sachs at $20.00, indicating a cautious outlook on the stock.
• Despite the adjustments in price targets, Veeco reported better-than-expected quarterly earnings, achieving $0.36 EPS against a consensus estimate of $0.22, with revenue of $166.10 million.

Veeco Instruments (NASDAQ:VECO - Free Report) had its target price trimmed by Benchmark from $31.00 to $28.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company's stock.

A number of other research firms also recently commented on VECO. Barclays decreased their target price on Veeco Instruments from $22.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. The Goldman Sachs Group decreased their price objective on Veeco Instruments from $27.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $27.33.

Veeco Instruments Price Performance

VECO traded up $0.67 during trading on Thursday, reaching $23.61. 1,355,508 shares of the company traded hands, compared to its average volume of 763,619. The company has a market cap of $1.42 billion, a P/E ratio of 23.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.02 and a current ratio of 5.10. Veeco Instruments has a 12-month low of $16.92 and a 12-month high of $38.88. The firm has a fifty day simple moving average of $20.90 and a 200 day simple moving average of $21.14.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last posted its earnings results on Wednesday, August 6th. The semiconductor company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.14. The company had revenue of $166.10 million during the quarter, compared to analysts' expectations of $151.31 million. Veeco Instruments had a net margin of 8.65% and a return on equity of 7.38%. Veeco Instruments's quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the company posted $0.42 earnings per share. On average, equities analysts forecast that Veeco Instruments will post 0.76 EPS for the current year.

Insider Buying and Selling

In other Veeco Instruments news, SVP Adrian Devasahayam sold 11,010 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $20.50, for a total value of $225,705.00. Following the sale, the senior vice president owned 89,254 shares in the company, valued at $1,829,707. This trade represents a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in VECO. Amalgamated Bank grew its position in shares of Veeco Instruments by 3.2% during the 2nd quarter. Amalgamated Bank now owns 16,926 shares of the semiconductor company's stock worth $344,000 after buying an additional 531 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Veeco Instruments by 6.1% in the fourth quarter. Mackenzie Financial Corp now owns 9,391 shares of the semiconductor company's stock worth $252,000 after acquiring an additional 538 shares during the period. Maryland State Retirement & Pension System lifted its stake in Veeco Instruments by 3.3% in the second quarter. Maryland State Retirement & Pension System now owns 17,614 shares of the semiconductor company's stock worth $358,000 after acquiring an additional 569 shares during the period. Andra AP fonden grew its holdings in Veeco Instruments by 1.4% during the 2nd quarter. Andra AP fonden now owns 55,039 shares of the semiconductor company's stock worth $1,118,000 after acquiring an additional 744 shares in the last quarter. Finally, US Bancorp DE increased its position in Veeco Instruments by 33.6% during the 1st quarter. US Bancorp DE now owns 3,366 shares of the semiconductor company's stock valued at $68,000 after purchasing an additional 847 shares during the period. Hedge funds and other 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.