Veeco Instruments Inc. (VECO) Rating Reiterated by Needham & Company LLC
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “hold” rating restated by research analysts at Needham & Company LLC in a research report issued on Friday.
A number of other brokerages have also commented on VECO. Benchmark Co. lifted their price target on shares of Veeco Instruments from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Finally, Zacks Investment Research downgraded shares of Veeco Instruments from a “buy” rating to a “hold” rating in a report on Saturday, July 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $23.40.
Shares of Veeco Instruments (NASDAQ:VECO) traded up 0.23% during trading on Friday, hitting $21.94. 257,916 shares of the stock were exchanged. The stock’s market cap is $891.60 million. The firm has a 50 day moving average of $19.82 and a 200-day moving average of $18.40. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.09.
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Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The firm earned $75.30 million during the quarter, compared to analyst estimates of $76.30 million. During the same period in the previous year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was down 42.7% on a year-over-year basis. Equities research analysts anticipate that Veeco Instruments will post ($0.50) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Veeco Instruments by 1.5% in the second quarter. Vanguard Group Inc. now owns 3,197,162 shares of the company’s stock valued at $52,945,000 after buying an additional 46,902 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Veeco Instruments by 3.1% in the second quarter. BlackRock Fund Advisors now owns 2,597,441 shares of the company’s stock valued at $43,014,000 after buying an additional 77,473 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Veeco Instruments by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,892,382 shares of the company’s stock valued at $31,337,000 after buying an additional 263,766 shares during the last quarter. First Pacific Advisors LLC boosted its stake in Veeco Instruments by 8.4% in the second quarter. First Pacific Advisors LLC now owns 1,886,986 shares of the company’s stock valued at $31,248,000 after buying an additional 146,166 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock valued at $25,139,000 after buying an additional 202,140 shares during the last quarter. 94.95% of the stock is currently owned by institutional investors and hedge funds.
About Veeco Instruments
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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