Veeco Instruments (NASDAQ:VECO) Shares Up 9.8% - Still a Buy?

Key Points

• Shares jumped 9.8% intraday to about $34.69 on Tuesday, but the move came on lighter-than-average volume (~417,175 shares, down 54% vs. the 914,108 daily average).
• Analyst sentiment is mixed but leaning positive with a consensus "Moderate Buy"; Citigroup raised its price target to $40 while the MarketBeat consensus target remains $28.17 (1 Strong Buy, 2 Buy, 5 Hold).
• Insider selling was reported: CEO William John Miller sold 50,000 shares for ~$1.58M (a 10.76% reduction in his position); insiders own 2.30% of the stock while institutional investors are reported to own 98.46%.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) shares were up 9.8% during mid-day trading on Tuesday . The stock traded as high as $34.13 and last traded at $34.6910. Approximately 417,175 shares changed hands during trading, a decline of 54% from the average daily volume of 914,108 shares. The stock had previously closed at $31.60.

Analyst Ratings Changes

Several research firms have weighed in on VECO. Weiss Ratings reiterated a "hold (c)" rating on shares of Veeco Instruments in a research note on Wednesday, January 21st. Citigroup boosted their price objective on shares of Veeco Instruments from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Zacks Research raised shares of Veeco Instruments from a "hold" rating to a "strong-buy" rating in a report on Monday, March 2nd. Finally, Needham & Company LLC reaffirmed 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 issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.17.

Veeco Instruments Price 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 stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 59.15 and a beta of 1.17. The business's 50 day simple moving average is $31.50 and its 200-day simple moving average is $30.15.

Insider Buying and Selling

In other Veeco Instruments news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeco Instruments

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC grew its position in Veeco Instruments by 75.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company's stock valued at $49,000 after buying an additional 1,019 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Veeco Instruments in the 4th quarter worth approximately $77,000. Johnson Financial Group Inc. acquired a new stake in shares of Veeco Instruments in the 3rd quarter worth approximately $91,000. Finally, Global Retirement Partners LLC boosted its holdings 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 valued at $102,000 after acquiring an additional 3,562 shares in the last quarter. 98.46% of the stock is currently owned by 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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