Veeco Instruments Inc. (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “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 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. The Company’s equipment is used to make electronic devices, including light emitting diodes (LEDs), MEMS, wireless devices, power electronics, hard disk drives (HDDs) and semiconductor devices. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

VECO has been the subject of a number of other research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $38.00 target price (up previously from $36.00) on shares of Veeco Instruments in a research report on Friday, July 21st. BidaskClub raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. J P Morgan Chase & Co raised Veeco Instruments from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $35.00 to $39.00 in a research report on Tuesday, June 13th. Deutsche Bank AG cut Veeco Instruments from a “buy” rating to a “hold” rating and decreased their target price for the stock from $35.00 to $30.00 in a research report on Friday, August 4th. Finally, Needham & Company LLC decreased their target price on Veeco Instruments from $36.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, August 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. Veeco Instruments presently has a consensus rating of “Hold” and an average target price of $30.89.

Veeco Instruments (NASDAQ VECO) traded down 1.42% on Thursday, reaching $20.80. 316,452 shares of the company traded hands. The firm has a 50 day moving average price of $20.05 and a 200 day moving average price of $27.29. The stock’s market capitalization is $1.01 billion. Veeco Instruments has a 52-week low of $18.30 and a 52-week high of $34.38.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. The business had revenue of $115.07 million during the quarter, compared to analysts’ expectations of $110.87 million. Veeco Instruments had a negative return on equity of 1.33% and a negative net margin of 23.65%. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.19) EPS. Equities research analysts predict that Veeco Instruments will post $0.46 EPS for the current year.

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Several hedge funds have recently modified their holdings of VECO. Vanguard Group Inc. lifted its holdings in shares of Veeco Instruments by 15.3% during the second quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock worth $116,057,000 after buying an additional 554,206 shares during the last quarter. Frontier Capital Management Co. LLC lifted its holdings in shares of Veeco Instruments by 24.2% during the second quarter. Frontier Capital Management Co. LLC now owns 2,601,473 shares of the semiconductor company’s stock worth $72,451,000 after buying an additional 506,595 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Veeco Instruments during the first quarter worth approximately $13,116,000. Dimensional Fund Advisors LP lifted its holdings in shares of Veeco Instruments by 15.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,860,280 shares of the semiconductor company’s stock worth $79,659,000 after buying an additional 381,884 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Veeco Instruments by 17.5% during the second quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock worth $40,138,000 after buying an additional 214,477 shares during the last quarter. Institutional investors own 96.00% of the company’s stock.

About Veeco Instruments

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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