Needham & Company LLC Reaffirms “Buy” Rating for Veeco Instruments Inc. (VECO)
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Friday. They presently have a $22.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 34.97% from the stock’s current price.
A number of other equities research analysts have also weighed in on VECO. BidaskClub upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Stifel Nicolaus restated a “buy” rating and issued a $38.00 price objective (up from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. Zacks Investment Research lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a report on Saturday, July 22nd. Deutsche Bank AG lowered shares of Veeco Instruments from a “buy” rating to a “hold” rating and reduced their price objective for the company from $35.00 to $30.00 in a report on Friday, August 4th. Finally, KeyCorp reduced their price objective on shares of Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $29.22.
Veeco Instruments (NASDAQ VECO) traded down $1.15 during trading on Friday, reaching $16.30. 963,550 shares of the company’s stock were exchanged, compared to its average volume of 527,188. The company has a current ratio of 3.25, a quick ratio of 2.55 and a debt-to-equity ratio of 0.31.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.16. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.77%. The business had revenue of $131.87 million for the quarter, compared to analyst estimates of $134.97 million. During the same period last year, the business earned ($0.05) EPS. The company’s revenue was up 54.3% on a year-over-year basis. equities analysts predict that Veeco Instruments will post -0.04 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. grew its position in shares of Veeco Instruments by 32.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,143 shares of the semiconductor company’s stock valued at $115,000 after buying an additional 1,026 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Veeco Instruments by 2,768.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the semiconductor company’s stock valued at $160,000 after buying an additional 5,537 shares during the last quarter. Bank of Montreal Can grew its position in shares of Veeco Instruments by 4.8% in the 2nd quarter. Bank of Montreal Can now owns 5,771 shares of the semiconductor company’s stock valued at $161,000 after buying an additional 265 shares during the last quarter. Stifel Financial Corp purchased a new position in shares of Veeco Instruments in the 2nd quarter valued at $202,000. Finally, Aperio Group LLC purchased a new position in shares of Veeco Instruments in the 3rd quarter valued at $218,000. 96.13% of the stock is currently owned by hedge funds and other institutional investors.
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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