Veeco Instruments (NASDAQ:VECO) Hits New 1-Year High - Should You Buy?

Key Points

• Veeco Instruments hit a new 52-week high intraday at $41.98 (last $41.23) with volume around 105,978 shares, up from a prior close of $40.11.
• Analysts are mixed: the consensus rating is a Moderate Buy (1 Strong Buy, 2 Buy, 5 Hold) with some upgraded views (Citigroup raised its target to $40 and Zacks moved to strong-buy) but a consensus price target of just $28.17.
• CEO William J. Miller sold 50,000 shares at about $31.62 (reducing his stake ~10.8%); the company has a $2.48B market cap, a PE of ~69.6, strong liquidity (current ratio 4.75), and roughly 98.5% institutional ownership.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $41.98 and last traded at $41.2280, with a volume of 105978 shares. The stock had previously closed at $40.11.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Needham & Company LLC restated a "hold" rating on shares of Veeco Instruments in a report on Thursday, February 26th. Citigroup raised their target price on shares of Veeco Instruments from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Finally, Zacks Research upgraded shares of Veeco Instruments from a "hold" rating to a "strong-buy" rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.17.

Veeco Instruments Stock Up 2.2%

The company has a market cap of $2.48 billion, a PE ratio of 69.59 and a beta of 1.11. The company's 50 day moving average is $32.52 and its 200 day moving average is $31.10. The company has a current ratio of 4.75, a quick ratio of 3.20 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In related news, CEO William John Miller sold 50,000 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $31.62, for a total value of $1,581,000.00. Following the transaction, the chief executive officer owned 414,543 shares of the company's stock, valued at $13,107,849.66. This trade represents a 10.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its position in Veeco Instruments by 125.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company's stock valued at $70,000 after purchasing an additional 1,370 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Veeco Instruments during the 4th quarter valued at about $77,000. Invesco Ltd. increased its position in Veeco Instruments by 10.6% during the 4th quarter. Invesco Ltd. now owns 286,362 shares of the semiconductor company's stock valued at $8,184,000 after purchasing an additional 27,432 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Veeco Instruments by 4.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,986 shares of the semiconductor company's stock valued at $314,000 after purchasing an additional 462 shares during the period. Finally, Caitlin John LLC purchased a new position in Veeco Instruments during the 4th quarter valued at about $269,000. Hedge funds and other institutional investors own 98.46% of the company's stock.

About Veeco Instruments

Veeco Instruments Inc NASDAQ: VECO is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco's platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco's product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.

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