Veeco Instruments Inc. (VECO) Raised to “Buy” at Zacks Investment Research
Veeco Instruments Inc. (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage currently has a $25.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.95% from the company’s previous close.
According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “
Several other brokerages also recently commented on VECO. Needham & Company LLC reaffirmed a “hold” rating on shares of Veeco Instruments in a research report on Friday. Benchmark Co. raised their price objective on shares of Veeco Instruments from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Finally, 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 research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $24.00.
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Veeco Instruments (NASDAQ:VECO) opened at 21.94 on Friday. Veeco Instruments has a one year low of $15.26 and a one year high of $22.09. The company’s 50-day moving average is $19.87 and its 200-day moving average is $18.42. The firm’s market capitalization is $891.60 million.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Monday, August 1st. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The company earned $75.30 million during the quarter, compared to the consensus estimate of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The company’s quarterly revenue was down 42.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.20 EPS. Equities analysts forecast 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. Renaissance Technologies LLC boosted its position in shares of 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 period. Prudential Financial Inc. boosted its position in shares of Veeco Instruments by 0.7% in the first quarter. Prudential Financial Inc. now owns 95,573 shares of the company’s stock valued at $1,862,000 after buying an additional 700 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Veeco Instruments during the first quarter valued at $1,999,000. BlackRock Group LTD boosted its position in shares of Veeco Instruments by 0.5% in the first quarter. BlackRock Group LTD now owns 752,718 shares of the company’s stock valued at $14,662,000 after buying an additional 3,757 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Veeco Instruments during the first quarter valued at $1,289,000. Institutional investors and hedge funds own 94.95% of the company’s stock.
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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