Veeco Instruments (NASDAQ:VECO) Price Target Raised to $30.00

Key Points

• Needham & Company LLC raised its price target for Veeco Instruments from $29.00 to $30.00, indicating a potential upside of 31.39% from the stock's previous close.
• Despite the upgrade from Needham, other firms like Barclays and Goldman Sachs have lowered their price targets, reflecting a mixed sentiment about the stock's future performance.
• Veeco Instruments recently reported quarterly earnings of $0.36 per share, exceeding expectations, though revenue declined 5.6% compared to the same quarter last year.

Veeco Instruments (NASDAQ:VECO - Get Free Report) had its price target increased by Needham & Company LLC from $29.00 to $30.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective indicates a potential upside of 25.73% from the stock's previous close.

Several other equities analysts have also weighed in on VECO. Benchmark reduced their target price on shares of Veeco Instruments from $31.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday. The Goldman Sachs Group cut their price objective on shares of Veeco Instruments from $27.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Barclays cut their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.33.

Veeco Instruments Stock Up 1.1%

Shares of NASDAQ:VECO traded up $0.25 during midday trading on Thursday, hitting $23.86. 1,066,963 shares of the company's stock traded hands, compared to its average volume of 812,259. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.43 and a current ratio of 5.10. The company has a market cap of $1.44 billion, a PE ratio of 23.39 and a beta of 1.12. The firm's fifty day moving average price is $20.99 and its two-hundred day moving average price is $21.05. Veeco Instruments has a twelve month low of $16.92 and a twelve month high of $38.88.

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 business had revenue of $166.10 million for the quarter, compared to analyst estimates of $151.31 million. Veeco Instruments had a net margin of 8.65% and a return on equity of 7.38%. The business's quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS. On average, equities research analysts anticipate that Veeco Instruments will post 0.76 EPS for the current fiscal year.

Insider Activity

In other news, SVP Adrian Devasahayam sold 11,010 shares of the company's 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 sale, the senior vice president owned 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Veeco Instruments

A number of institutional investors have recently modified their holdings of VECO. Versant Capital Management Inc raised its stake in shares of Veeco Instruments by 396.2% in the 1st quarter. Versant Capital Management Inc now owns 1,295 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 1,034 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Veeco Instruments in the 1st quarter valued at about $37,000. Signaturefd LLC raised its stake in shares of Veeco Instruments by 213.9% in 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 in the last quarter. US Bancorp DE grew its position in shares of 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 buying an additional 847 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in shares of Veeco Instruments by 49,728.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 3,488 shares of the semiconductor company's stock valued at $71,000 after buying an additional 3,481 shares during the last quarter. Institutional investors and hedge funds 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.