Veeco Instruments (NASDAQ:VECO - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.
VECO has been the topic of a number of other research reports. Citigroup increased their target price on Veeco Instruments from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Veeco Instruments in a research report on Wednesday, January 21st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Veeco Instruments in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $28.17.
Get Our Latest Stock Analysis on Veeco Instruments
Veeco Instruments Trading Down 3.8%
Veeco Instruments stock opened at $47.83 on Monday. Veeco Instruments has a 12 month low of $18.23 and a 12 month high of $53.43. The firm has a market cap of $2.89 billion, a PE ratio of 81.07 and a beta of 1.11. The company has a current ratio of 4.75, a quick ratio of 3.20 and a debt-to-equity ratio of 0.26. The stock's 50 day simple moving average is $35.84 and its two-hundred day simple moving average is $32.35.
Insider Buying and Selling
In related news, CEO William John Miller sold 50,000 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 414,543 shares of the company's stock, valued at approximately $13,107,849.66. This represents a 10.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its stake in shares of Veeco Instruments by 75.6% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company's stock worth $49,000 after acquiring an additional 1,019 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Veeco Instruments by 125.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company's stock worth $70,000 after acquiring 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 shares of Veeco Instruments in the 3rd quarter worth $91,000. Finally, Global Retirement Partners LLC increased its stake in shares of 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 worth $102,000 after acquiring an additional 3,562 shares during the last quarter. 98.46% of the stock is owned by institutional investors and hedge funds.
About Veeco Instruments
(
Get Free Report)
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.
Further Reading
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