Veeco Instruments (NASDAQ:VECO) Shares Up 6.9% - Time to Buy?

Key Points

• Shares jumped 6.9% to $43.54 on Wednesday (intraday high $44.17) despite light trading of 310,213 shares, down about 68% from average volume.
• The analyst picture is mixed: MarketBeat shows a consensus rating of “Moderate Buy” but a consensus price target of $28.17 (well below the current price), while some firms like Zacks upgraded to a strong-buy and Citigroup raised its target to $40.
• Insider and institutional activity stands out: CEO William J. Miller sold 50,000 shares at $31.62 (reducing his ownership by 10.76%), insiders own 2.70% of the stock, and the article reports about 98.46% institutional/hedge fund ownership.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) traded up 6.9% on Wednesday . The company traded as high as $44.17 and last traded at $43.54. 310,213 shares were traded during trading, a decline of 68% from the average session volume of 957,838 shares. The stock had previously closed at $40.72.

Analyst Ratings Changes

VECO has been the topic of several research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Zacks Research upgraded shares of Veeco Instruments from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 2nd. Needham & Company LLC restated a "hold" rating on shares of Veeco Instruments in a report on Thursday, February 26th. Finally, Citigroup increased their price objective 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 research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Veeco Instruments currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.17.

Veeco Instruments Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.20 and a current ratio of 4.75. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 70.72 and a beta of 1.11. The firm has a 50-day simple moving average of $32.73 and a two-hundred day simple moving average of $31.18.

Insider Activity

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. Insiders own 2.70% of the company's stock.

Institutional Trading of Veeco Instruments

Institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC increased its stake in Veeco Instruments by 75.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 1,019 shares during the last quarter. Rockefeller Capital Management L.P. raised 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 worth $70,000 after buying an additional 1,370 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Veeco Instruments in the 4th quarter worth $77,000. Johnson Financial Group Inc. acquired a new stake in Veeco Instruments in the third quarter valued at about $91,000. Finally, Global Retirement Partners LLC boosted its holdings in Veeco Instruments by 16,961.9% in the 4th quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company's stock valued at $102,000 after purchasing an additional 3,562 shares in the last quarter. 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.

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.