Veeco Instruments (NASDAQ:VECO) SVP Sells $120,420.00 in Stock

Key Points

• Adrian Devasahayam, Senior Vice President of Veeco Instruments, sold 4,014 shares for $120,420 at an average price of $30.00, representing a 4.66% decrease in his position.
• Veeco Instruments' stock price decreased by 1.1%, closing at $29.27, with a 12-month range between $16.92 and $34.34.
• The company reported earnings of $0.36 per share for the recent quarter, exceeding analysts' expectations, but revenue was down 5.6% year-over-year.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) SVP Adrian Devasahayam sold 4,014 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $30.00, for a total value of $120,420.00. Following the completion of the transaction, the senior vice president owned 82,120 shares of the company's stock, valued at approximately $2,463,600. The trade was a 4.66% 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.

Adrian Devasahayam also recently made the following trade(s):

• On Monday, September 15th, Adrian Devasahayam sold 4,046 shares of Veeco Instruments stock. The stock was sold at an average price of $26.00, for a total value of $105,196.00.

Veeco Instruments Stock Down 1.1%

Shares of NASDAQ VECO traded down $0.33 during trading on Wednesday, reaching $29.27. The company had a trading volume of 1,153,074 shares, compared to its average volume of 769,076. Veeco Instruments Inc. has a 12-month low of $16.92 and a 12-month high of $34.34. The business's 50-day moving average is $23.79 and its 200 day moving average is $21.37. 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 stock has a market cap of $1.76 billion, a PE ratio of 28.70 and a beta of 1.23.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on VECO shares. Benchmark decreased their price target on shares of Veeco Instruments from $31.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Needham & Company LLC boosted their target price on Veeco Instruments from $29.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Veeco Instruments presently has a consensus rating of "Moderate Buy" and an average target price of $27.33.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VECO. GAMMA Investing LLC grew its holdings in Veeco Instruments by 342.6% during the first quarter. GAMMA Investing LLC now owns 8,807 shares of the semiconductor company's stock worth $177,000 after acquiring an additional 6,817 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Veeco Instruments by 9.8% in the first quarter. Envestnet Asset Management Inc. now owns 68,747 shares of the semiconductor company's stock valued at $1,380,000 after acquiring an additional 6,145 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Veeco Instruments by 4.0% in the first quarter. Principal Financial Group Inc. now owns 341,069 shares of the semiconductor company's stock valued at $6,849,000 after acquiring an additional 13,182 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 1,067 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Veeco Instruments by 10,288.7% in the first quarter. Harbor Capital Advisors Inc. now owns 13,817 shares of the semiconductor company's stock valued at $277,000 after acquiring an additional 13,684 shares in the last quarter. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

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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