Veeco Instruments (NASDAQ:VECO) Sets New 1-Year High - Still a Buy?

Key Points

• Shares hit a new 52-week high, trading as high as $37.50 (last at $37.78) and up about 6.8%, with the 50- and 200-day moving averages near $31.93 and $30.82 respectively, signaling a recent rally.
• Analyst sentiment is mixed but leans positive — Citigroup raised its price target to $40 and Zacks upgraded to a "strong-buy," yet the MarketBeat consensus is a "Moderate Buy" with an average price target of $28.17, well below the current share price.
• CEO William John Miller sold 50,000 shares for roughly $1.58M (reducing his stake ~10.8%), while institutional ownership is very high at 98.46%, led by large holders such as Vanguard and Fisher Asset Management.

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $37.50 and last traded at $37.7830, with a volume of 4432 shares trading hands. The stock had previously closed at $35.13.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VECO. Citigroup lifted their price objective on shares of Veeco Instruments from $36.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Zacks Research upgraded shares of Veeco Instruments from a "hold" rating to a "strong-buy" rating in a report on Monday, March 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Finally, Needham & Company LLC restated a "hold" rating on shares of Veeco Instruments in a report on Thursday, February 26th. One equities research 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 MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $28.17.

Veeco Instruments Stock Up 6.8%

The business's 50 day moving average is $31.93 and its 200-day moving average is $30.82. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.75 and a quick ratio of 3.20. The company has a market cap of $2.27 billion, a PE ratio of 63.88 and a beta of 1.11.

Insider Transactions at Veeco Instruments

In related news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 414,543 shares in the company, valued at $13,107,849.66. The trade was a 10.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Inspire Advisors LLC purchased a new position in Veeco Instruments in the third quarter worth approximately $3,675,000. Old West Investment Management LLC lifted its position in shares of Veeco Instruments by 129.1% during the 3rd quarter. Old West Investment Management LLC now owns 67,632 shares of the semiconductor company's stock worth $2,058,000 after buying an additional 38,114 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Veeco Instruments by 32.6% during the 3rd quarter. Fisher Asset Management LLC now owns 1,324,590 shares of the semiconductor company's stock worth $40,307,000 after buying an additional 325,357 shares during the last quarter. First Eagle Investment Management LLC lifted its position in shares of Veeco Instruments by 28.9% during the 3rd quarter. First Eagle Investment Management LLC now owns 479,408 shares of the semiconductor company's stock worth $14,588,000 after buying an additional 107,527 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Veeco Instruments by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 7,663,310 shares of the semiconductor company's stock worth $233,195,000 after buying an additional 62,016 shares during the last quarter. Hedge funds and other institutional investors own 98.46% of the company's stock.

Veeco Instruments Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.