Veeco Instruments (NASDAQ:VECO) Sets New 52-Week High - Should You Buy?

Key Points

• Shares hit a new 52-week high: Veeco traded as high as $36.24 and last at $36.45 (volume 240,677), up from a $34.39 close and trading up about 5.2%.
• Analyst sentiment is cautiously positive: Citigroup raised its target to $40 and Zacks upgraded to "strong-buy," while MarketBeat's consensus rating is a "Moderate Buy" with an average target price of $28.17.
• Insider sale and heavy institutional ownership: CEO William J. Miller sold 50,000 shares at about $31.62 (reducing his stake by 10.76%), and roughly 98.46% of the stock is owned by hedge funds and other institutional investors, with several funds increasing positions.

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $36.24 and last traded at $36.45, with a volume of 240677 shares trading hands. The stock had previously closed at $34.39.

Analyst Ratings Changes

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

Veeco Instruments Trading Up 5.2%

The stock has a market cap of $2.19 billion, a PE ratio of 61.29 and a beta of 1.17. The stock has a 50-day moving average price of $31.50 and a two-hundred day moving average price of $30.22. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.75 and a quick ratio of 3.20.

Insider Transactions at Veeco Instruments

In other Veeco Instruments news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total value of $1,581,000.00. Following the sale, the chief executive officer owned 414,543 shares of the company's stock, valued at $13,107,849.66. The trade was a 10.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in Veeco Instruments by 29.6% during the first quarter. Royal Bank of Canada now owns 134,088 shares of the semiconductor company's stock valued at $2,692,000 after purchasing an additional 30,646 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Veeco Instruments by 51.5% in the 1st quarter. AQR Capital Management LLC now owns 29,785 shares of the semiconductor company's stock worth $598,000 after buying an additional 10,122 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Veeco Instruments by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,043 shares of the semiconductor company's stock worth $664,000 after buying an additional 1,434 shares during the last quarter. Millennium Management LLC raised its position in shares of Veeco Instruments by 148.0% during the 1st quarter. Millennium Management LLC now owns 474,415 shares of the semiconductor company's stock valued at $9,526,000 after buying an additional 283,099 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of Veeco Instruments during the 1st quarter valued at about $618,000. 98.46% of the stock is owned by hedge funds and other institutional investors.

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.

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