Twinbeech Capital LP Lowers Stock Holdings in Veeco Instruments Inc. (NASDAQ:VECO)

Twinbeech Capital LP trimmed its position in shares of Veeco Instruments Inc. (NASDAQ:VECO - Free Report) by 86.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,966 shares of the semiconductor company's stock after selling 91,919 shares during the quarter. Twinbeech Capital LP's holdings in Veeco Instruments were worth $374,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Sherbrooke Park Advisers LLC purchased a new position in Veeco Instruments during the 4th quarter valued at about $377,000. Point72 Asset Management L.P. boosted its stake in shares of Veeco Instruments by 3,668.8% in the 4th quarter. Point72 Asset Management L.P. now owns 199,067 shares of the semiconductor company's stock valued at $5,335,000 after buying an additional 193,785 shares during the period. ProShare Advisors LLC boosted its stake in shares of Veeco Instruments by 42.3% in the 4th quarter. ProShare Advisors LLC now owns 23,862 shares of the semiconductor company's stock valued at $640,000 after buying an additional 7,093 shares during the period. Man Group plc boosted its stake in shares of Veeco Instruments by 351.9% in the 4th quarter. Man Group plc now owns 53,504 shares of the semiconductor company's stock valued at $1,434,000 after buying an additional 41,663 shares during the period. Finally, Needham Investment Management LLC raised its position in shares of Veeco Instruments by 7.9% during the 4th quarter. Needham Investment Management LLC now owns 731,000 shares of the semiconductor company's stock worth $19,591,000 after acquiring an additional 53,500 shares in the last quarter. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VECO has been the topic of several research analyst reports. Citigroup cut their target price on Veeco Instruments from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Needham & Company LLC cut their target price on 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. The Goldman Sachs Group cut their price target on Veeco Instruments from $27.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Benchmark cut their price target on Veeco Instruments from $38.00 to $31.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.43.

Veeco Instruments Trading Down 1.2%

VECO opened at $19.43 on Friday. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 15.67 and a beta of 1.13. Veeco Instruments Inc. has a 52 week low of $16.92 and a 52 week high of $49.25. The business's 50 day moving average is $19.62 and its two-hundred day moving average is $23.80. The company has a quick ratio of 2.69, a current ratio of 3.98 and a debt-to-equity ratio of 0.32.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last released its earnings results on Wednesday, May 7th. The semiconductor company reported $0.37 earnings per share (EPS) 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 analyst estimates of $166.00 million. Veeco Instruments had a return on equity of 9.38% and a net margin of 10.28%. The company's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, research analysts predict that Veeco Instruments Inc. will post 0.76 EPS for the current year.

Veeco Instruments 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.

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