Veeco Instruments Inc. (NASDAQ:VECO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.

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. “

Other equities analysts have also issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price target (up previously from $30.00) on shares of Veeco Instruments in a research report on Monday, April 24th. Stifel Nicolaus reiterated a “buy” rating and issued a $36.00 price target on shares of Veeco Instruments in a research report on Sunday, April 23rd. Benchmark Co. reiterated a “buy” rating and issued a $39.00 price target on shares of Veeco Instruments in a research report on Friday, April 21st. BidaskClub upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, J P Morgan Chase & Co upgraded Veeco Instruments from a “neutral” rating to an “overweight” rating and increased their price target for the company from $35.00 to $39.00 in a research report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Veeco Instruments has a consensus rating of “Buy” and an average target price of $34.22.

Veeco Instruments (NASDAQ VECO) opened at 32.25 on Friday. The company has a 50-day moving average of $29.90 and a 200 day moving average of $29.38. Veeco Instruments has a 52 week low of $16.37 and a 52 week high of $34.38. The firm’s market cap is $1.31 billion.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Thursday, May 4th. The semiconductor company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Veeco Instruments had a negative return on equity of 2.77% and a negative net margin of 30.27%. The business had revenue of $94.39 million during the quarter, compared to analyst estimates of $94.50 million. During the same quarter last year, the company posted ($0.15) EPS. Veeco Instruments’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, equities analysts predict that Veeco Instruments will post $1.06 earnings per share for the current year.

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In other Veeco Instruments news, SVP John P. Kiernan sold 8,836 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $32.44, for a total transaction of $286,639.84. Following the completion of the sale, the senior vice president now directly owns 23,211 shares in the company, valued at approximately $752,964.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter J. Simone sold 4,257 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $31.91, for a total value of $135,840.87. Following the sale, the director now owns 24,332 shares of the company’s stock, valued at $776,434.12. The disclosure for this sale can be found here. Insiders have sold a total of 21,574 shares of company stock valued at $689,717 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

A number of large investors have recently made changes to their positions in VECO. Creative Planning raised its stake in shares of Veeco Instruments by 3.4% in the first quarter. Creative Planning now owns 3,624 shares of the semiconductor company’s stock worth $108,000 after buying an additional 120 shares during the last quarter. FNY Partners Fund LP acquired a new stake in shares of Veeco Instruments during the first quarter worth approximately $126,000. State of Alaska Department of Revenue raised its stake in shares of 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 worth $133,000 after buying an additional 80 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Veeco Instruments by 7.6% in the first quarter. Bank of Montreal Can now owns 5,506 shares of the semiconductor company’s stock worth $165,000 after buying an additional 391 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Veeco Instruments by 2,768.5% in the second quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the semiconductor company’s stock worth $160,000 after buying an additional 5,537 shares during the last quarter. Hedge funds and other institutional investors own 86.73% of the company’s stock.

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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Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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