Insider Selling: Veeco Instruments CFO Unloads 12,948 Shares of Stock (VECO)
Veeco Instruments (NASDAQ:VECO) CFO David Glass unloaded 12,948 shares of the company’s stock on the open market in a transaction dated Thursday, January 9th. The stock was sold at an average price of $35.00, for a total transaction of $453,180.00. Following the sale, the chief financial officer now directly owns 12,868 shares of the company’s stock, valued at approximately $450,380. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Veeco Instruments (NASDAQ:VECO) traded down 0.03% on Friday, hitting $35.98. The stock had a trading volume of 472,180 shares. Veeco Instruments has a 1-year low of $28.23 and a 1-year high of $43.18. The stock has a 50-day moving average of $31.82 and a 200-day moving average of $33.73. The company’s market cap is $1.412 billion.
Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, November 11th. The company reported ($0.08) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.03) by $0.05. The company had revenue of $99.30 million for the quarter, compared to the consensus estimate of $94.04 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was down 25.2% on a year-over-year basis. On average, analysts predict that Veeco Instruments will post $-0.64 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Berenberg Bank downgraded shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Veeco Instruments from $31.00 to $33.50 in a research note to investors on Thursday, December 19th. They now have a “neutral” rating on the stock. Finally, analysts at Wedbush cut their price target on shares of Veeco Instruments from $35.00 to $30.00 in a research note to investors on Tuesday, November 12th. They now have a “neutral” rating on the stock. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $31.02.
Veeco Instruments Inc (NASDAQ:VECO) designs, manufactures and markets equipment to make light emitting diodes (LEDs), hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems (MEMS), and other next-generation devices.
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