Veeco Instruments (NASDAQ:VECO) Updates Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO - Get Free Report) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.38-0.48 for the period, compared to the consensus earnings per share estimate of $0.43. The company issued revenue guidance of $165-185 million, compared to the consensus revenue estimate of $175.22 million.

Analyst Ratings Changes

Several research firms have recently commented on VECO. The Goldman Sachs Group lifted their target price on Veeco Instruments from $31.00 to $35.00 and gave the company a neutral rating in a research note on Thursday, February 15th. Benchmark increased their price target on Veeco Instruments from $34.00 to $40.00 and gave the company a buy rating in a research note on Thursday, February 15th. Citigroup lifted their price objective on Veeco Instruments from $36.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Finally, Barclays increased their price target on shares of Veeco Instruments from $28.00 to $33.00 and gave the company an equal weight rating in a research report on Tuesday, January 16th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Veeco Instruments currently has an average rating of Moderate Buy and an average price target of $36.57.

Veeco Instruments Stock Performance

Shares of NASDAQ:VECO remained flat at $37.49 during trading on Tuesday. The stock had a trading volume of 1,361,855 shares, compared to its average volume of 523,076. The company has a current ratio of 3.24, a quick ratio of 2.15 and a debt-to-equity ratio of 0.41. The firm has a 50 day simple moving average of $35.21 and a 200-day simple moving average of $31.78. Veeco Instruments has a fifty-two week low of $18.35 and a fifty-two week high of $38.92. The firm has a market cap of $2.11 billion, a P/E ratio of -58.69 and a beta of 1.18.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last released its earnings results on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.09. The firm had revenue of $173.92 million during the quarter, compared to analysts' expectations of $170.00 million. Veeco Instruments had a positive return on equity of 11.10% and a negative net margin of 4.56%. On average, analysts predict that Veeco Instruments will post 1.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William John Miller sold 24,201 shares of the business's stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $35.30, for a total value of $854,295.30. Following the sale, the chief executive officer now owns 545,091 shares of the company's stock, valued at $19,241,712.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO William John Miller sold 24,201 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $35.30, for a total value of $854,295.30. Following the completion of the transaction, the chief executive officer now owns 545,091 shares in the company, valued at approximately $19,241,712.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Adrian Devasahayam sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total value of $170,500.00. Following the transaction, the senior vice president now directly owns 67,278 shares in the company, valued at approximately $2,294,179.80. The disclosure for this sale can be found here. Insiders own 2.20% of the company's stock.

About Veeco Instruments

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.