Veeco Instruments (NASDAQ:VECO) Stock Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Veeco Instruments Inc. stock has crossed above its 200-day moving average, with the latest trading price at $29.60 after reaching a high of $30.03.
• Analysts have set a mixed outlook on the stock, with a consensus rating of "Moderate Buy" and an average target price of $27.33, reflecting recent adjustments from various firms.
• In its latest quarterly report, Veeco Instruments reported an EPS of $0.36, beating estimates, but experienced a 5.6% decline in revenue year-over-year.

Shares of Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.37 and traded as high as $30.03. Veeco Instruments shares last traded at $29.60, with a volume of 779,136 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Benchmark reduced their target price on Veeco Instruments from $31.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Needham & Company LLC increased their target price on Veeco Instruments from $29.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.33.

Veeco Instruments Stock Performance

The stock has a market cap of $1.78 billion, a P/E ratio of 29.02 and a beta of 1.23. The company has a fifty day moving average price of $23.79 and a 200 day moving average price of $21.37. The company has a debt-to-equity ratio of 0.26, a current ratio of 5.10 and a quick ratio of 3.43.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The semiconductor company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.22 by $0.14. The firm had revenue of $166.10 million during the quarter, compared to the consensus estimate of $151.31 million. Veeco Instruments had a return on equity of 7.38% and a net margin of 8.65%.The company's quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. On average, equities analysts expect that Veeco Instruments Inc. will post 0.76 EPS for the current year.

Insider Buying and Selling at Veeco Instruments

In related news, CEO William John Miller sold 25,000 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the sale, the chief executive officer owned 470,671 shares in the company, valued at approximately $11,766,775. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Adrian Devasahayam sold 4,046 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $26.00, for a total value of $105,196.00. Following the sale, the senior vice president owned 86,134 shares of the company's stock, valued at $2,239,484. This trade represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC grew its stake in Veeco Instruments by 133.3% in the 2nd quarter. Squarepoint Ops LLC now owns 76,895 shares of the semiconductor company's stock valued at $1,563,000 after purchasing an additional 43,941 shares during the period. Thrivent Financial for Lutherans grew its stake in Veeco Instruments by 3.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 44,071 shares of the semiconductor company's stock valued at $896,000 after purchasing an additional 1,516 shares during the period. Public Sector Pension Investment Board grew its stake in Veeco Instruments by 11.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 204,371 shares of the semiconductor company's stock valued at $4,153,000 after purchasing an additional 20,661 shares during the period. FORA Capital LLC bought a new position in Veeco Instruments in the 2nd quarter valued at $231,000. Finally, CANADA LIFE ASSURANCE Co grew its stake in Veeco Instruments by 8.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 55,534 shares of the semiconductor company's stock valued at $1,129,000 after purchasing an additional 4,301 shares during the period. Institutional investors own 98.46% of the company's stock.

About Veeco Instruments

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.

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