Veeco Instruments (NASDAQ:VECO) SVP Sells $105,196.00 in Stock

Key Points

• Adrian Devasahayam, Senior Vice President of Veeco Instruments, sold 4,046 shares of company stock for a total of $105,196, decreasing his ownership by 4.49%.
• Veeco Instruments reported $0.36 earnings per share for the last quarter, exceeding analysts' estimates and showing a year-over-year revenue decline of 5.6%.
• Brokerages have revised their price targets for Veeco Instruments, with an average target price of $27.33 and a consensus rating of "Moderate Buy".

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) SVP Adrian Devasahayam sold 4,046 shares of Veeco Instruments stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $26.00, for a total value of $105,196.00. Following the completion of the sale, the senior vice president directly owned 86,134 shares in the company, valued at approximately $2,239,484. This represents a 4.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Veeco Instruments Stock Up 0.5%

Shares of NASDAQ:VECO traded up $0.15 during midday trading on Friday, reaching $28.55. The company had a trading volume of 1,164,416 shares, compared to its average volume of 911,493. The company has a quick ratio of 3.43, a current ratio of 5.10 and a debt-to-equity ratio of 0.26. The business's 50 day moving average price is $23.44 and its 200 day moving average price is $21.26. The stock has a market cap of $1.72 billion, a PE ratio of 27.99 and a beta of 1.23. Veeco Instruments Inc. has a 1-year low of $16.92 and a 1-year high of $34.34.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The semiconductor company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.14. The firm had revenue of $166.10 million for 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 business's revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. Research analysts forecast that Veeco Instruments Inc. will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Veeco Instruments

Several institutional investors have recently made changes to their positions in VECO. Deutsche Bank AG boosted its stake in shares of Veeco Instruments by 44.7% in the fourth quarter. Deutsche Bank AG now owns 59,700 shares of the semiconductor company's stock valued at $1,600,000 after buying an additional 18,439 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Veeco Instruments by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,609 shares of the semiconductor company's stock valued at $847,000 after buying an additional 1,067 shares during the period. Millennium Management LLC boosted its stake in shares of Veeco Instruments by 203.0% in the fourth quarter. Millennium Management LLC now owns 191,316 shares of the semiconductor company's stock valued at $5,127,000 after buying an additional 128,179 shares during the period. Man Group plc lifted its stake in Veeco Instruments by 351.9% during the fourth quarter. Man Group plc now owns 53,504 shares of the semiconductor company's stock worth $1,434,000 after purchasing an additional 41,663 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in Veeco Instruments by 42.3% during the fourth quarter. ProShare Advisors LLC now owns 23,862 shares of the semiconductor company's stock worth $640,000 after purchasing an additional 7,093 shares during the last quarter. 98.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Needham & Company LLC boosted their price target on Veeco Instruments from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Benchmark lowered their price target on Veeco Instruments from $31.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.33.

Veeco Instruments Company Profile

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.