Veeco Instruments (NASDAQ:VECO) SVP Sells $130,934.00 in Stock

Key Points

• Veeco Instruments SVP Adrian Devasahayam sold 3,851 shares for a total of $130,934.00, representing a 4.69% reduction in his stock position.
• The company's stock price dropped 4.5% to $31.61 on Friday, amid trading volumes surpassing average levels.
• Veeco Instruments reported earnings of $0.36 per share for the last quarter, exceeding estimates but showing a 5.6% revenue decline year-over-year.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) SVP Adrian Devasahayam sold 3,851 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $34.00, for a total transaction of $130,934.00. Following the transaction, the senior vice president owned 78,269 shares in the company, valued at $2,661,146. This trade represents a 4.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, September 23rd, Adrian Devasahayam sold 4,014 shares of Veeco Instruments stock. The shares were sold at an average price of $30.00, for a total value of $120,420.00.
• 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 Trading Down 4.5%

Shares of Veeco Instruments stock traded down $1.49 on Friday, hitting $31.61. 1,127,821 shares of the company traded hands, compared to its average volume of 797,167. The company has a market cap of $1.90 billion, a PE ratio of 30.99 and a beta of 1.27. The company has a current ratio of 5.10, a quick ratio of 3.43 and a debt-to-equity ratio of 0.26. Veeco Instruments Inc. has a 52 week low of $16.92 and a 52 week high of $34.45. The stock's 50 day moving average price is $25.15 and its 200-day moving average price is $21.83.

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 (EPS) 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 business had revenue of $166.10 million for the quarter, compared to the consensus estimate of $151.31 million. During the same period last year, the business posted $0.42 EPS. The business's revenue was down 5.6% compared to the same quarter last year. Equities research analysts predict that Veeco Instruments Inc. will post 0.76 EPS for the current year.

Analyst Ratings Changes

VECO has been the subject of several analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Veeco Instruments in a report on Saturday, September 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of Veeco Instruments in a research note on Friday. Finally, Benchmark dropped their target price on Veeco Instruments from $31.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $27.33.

Institutional Investors Weigh In On Veeco Instruments

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc lifted its stake in shares of Veeco Instruments by 396.2% in the 1st quarter. Versant Capital Management Inc now owns 1,295 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 1,034 shares during the period. Brooklyn Investment Group purchased a new position in shares of Veeco Instruments in the first quarter valued at $37,000. Smartleaf Asset Management LLC increased its stake in shares of Veeco Instruments by 75.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 1,019 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Veeco Instruments by 213.9% in the first quarter. Signaturefd LLC now owns 3,139 shares of the semiconductor company's stock worth $63,000 after acquiring an additional 2,139 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Veeco Instruments by 33.6% in the 1st quarter. US Bancorp DE now owns 3,366 shares of the semiconductor company's stock valued at $68,000 after purchasing an additional 847 shares in the last quarter. 98.46% of the stock is 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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