Veeco Instruments (NASDAQ:VECO) Sets New 52-Week High - Time to Buy?

Key Points

• Shares of Veeco hit a new 52-week high Monday, trading as high as $44.63 and last at $45.3980 on volume of 164,785 (up about 6.5% from the prior close of $42.97).
• Analysts are mixed: the consensus is a Moderate Buy with one Strong Buy, two Buy and five Hold ratings and an average target of $28.17, though Citigroup raised its target to $40 and Zacks upgraded to Strong Buy.
• CEO William J. Miller sold 50,000 shares at an average price of $31.62 (reducing his stake ~10.8%); the company has a $2.76B market cap, high liquidity (quick ratio 3.20, current ratio 4.75), low debt-to-equity (0.26) and a high P/E of 77.84, with institutions reported to own the bulk of shares.

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $44.63 and last traded at $45.3980, with a volume of 164785 shares changing hands. The stock had previously closed at $42.97.

Wall Street Analyst Weigh In

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

Veeco Instruments Trading Up 6.5%

The firm has a market capitalization of $2.76 billion, a P/E ratio of 77.84 and a beta of 1.11. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26. The firm's 50-day simple moving average is $33.52 and its 200-day simple moving average is $31.42.

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 shares were sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the transaction, the chief executive officer directly owned 414,543 shares of the company's stock, valued at approximately $13,107,849.66. This trade represents a 10.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its stake in shares of Veeco Instruments by 75.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company's stock worth $49,000 after buying an additional 1,019 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Veeco Instruments by 125.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company's stock worth $70,000 after buying an additional 1,370 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Veeco Instruments in the fourth quarter worth $77,000. Johnson Financial Group Inc. purchased a new position in shares of Veeco Instruments in the third quarter worth $91,000. Finally, Global Retirement Partners LLC increased its stake in shares of Veeco Instruments by 16,961.9% in the fourth quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company's stock worth $102,000 after buying an additional 3,562 shares during the period. 98.46% of the stock is owned by hedge funds and other institutional investors.

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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