Veeco Instruments Inc. (VECO) Downgraded by BidaskClub
BidaskClub lowered shares of Veeco Instruments Inc. (NASDAQ:VECO) from a hold rating to a sell rating in a research note released on Saturday.
A number of other research analysts also recently commented on VECO. Benchmark Co. reiterated a buy rating and issued a $32.50 price objective on shares of Veeco Instruments in a report on Friday, February 17th. Needham & Company LLC restated a buy rating and set a $30.00 price objective on shares of Veeco Instruments in a report on Tuesday, February 21st. Zacks Investment Research upgraded Veeco Instruments from a hold rating to a buy rating and set a $33.00 price objective on the stock in a report on Tuesday, April 4th. Stifel Nicolaus restated a buy rating and set a $36.00 price objective on shares of Veeco Instruments in a report on Sunday, April 23rd. Finally, J P Morgan Chase & Co upgraded Veeco Instruments from a neutral rating to an overweight rating and raised their price objective for the stock from $35.00 to $39.00 in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Veeco Instruments has an average rating of Buy and a consensus price target of $33.88.
Veeco Instruments (VECO) traded down 0.86% on Friday, reaching $28.80. The company’s stock had a trading volume of 862,408 shares. The firm has a 50-day moving average of $31.74 and a 200 day moving average of $29.16. Veeco Instruments has a 12-month low of $15.53 and a 12-month high of $34.38. The company’s market capitalization is $1.17 billion.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $94.39 million for the quarter, compared to analyst estimates of $94.50 million. Veeco Instruments had a negative return on equity of 2.77% and a negative net margin of 30.27%. The business’s revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) earnings per share. On average, equities research analysts anticipate that Veeco Instruments will post $1.10 EPS for the current fiscal year.
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In related news, SVP John P. Kiernan sold 8,836 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $32.44, for a total value of $286,639.84. Following the completion of the transaction, the senior vice president now owns 23,211 shares of the company’s stock, valued at $752,964.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter J. Simone sold 4,257 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total transaction of $135,840.87. Following the completion of the transaction, the director now directly owns 24,332 shares of the company’s stock, valued at approximately $776,434.12. The disclosure for this sale can be found here. Insiders sold 21,574 shares of company stock valued at $689,717 in the last three months. Company insiders own 2.90% of the company’s stock.
Several hedge funds have recently bought and sold shares of VECO. Elkfork Partners LLC purchased a new stake in Veeco Instruments during the fourth quarter valued at $104,000. Creative Planning raised its stake in Veeco Instruments by 3.4% in the first quarter. Creative Planning now owns 3,624 shares of the semiconductor company’s stock valued at $108,000 after buying an additional 120 shares during the last quarter. FNY Partners Fund LP purchased a new stake in Veeco Instruments during the first quarter valued at $126,000. State of Alaska Department of Revenue raised its stake in Veeco Instruments by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 4,480 shares of the semiconductor company’s stock valued at $133,000 after buying an additional 80 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in Veeco Instruments by 7.6% in the first quarter. Bank of Montreal Can now owns 5,506 shares of the semiconductor company’s stock valued at $165,000 after buying an additional 391 shares during the last quarter. 86.69% of the stock is owned by institutional investors.
Veeco Instruments Company Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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