Veeco Instruments Inc. (VECO) Stock Rating Reaffirmed by Benchmark Co.
Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark Co. in a report issued on Friday. They presently have a $23.00 target price on the semiconductor company’s stock. Benchmark Co.’s target price would indicate a potential upside of 29.21% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the company. KeyCorp downgraded Veeco Instruments to a “hold” rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. ValuEngine downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Needham & Company LLC cut 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. Finally, Deutsche Bank AG set a $21.00 target price on Veeco Instruments and gave the stock a “hold” rating in a research report on Wednesday, August 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.78.
Veeco Instruments (NASDAQ:VECO) last released its earnings results on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The firm had revenue of $131.87 million during the quarter, compared to the consensus estimate of $134.97 million. Veeco Instruments had a negative return on equity of 1.33% and a negative net margin of 23.65%. The firm’s revenue for the quarter was up 54.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share.
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Large investors have recently made changes to their positions in the business. Boston Partners acquired a new stake in Veeco Instruments during the 2nd quarter valued at $3,485,000. Piedmont Investment Advisors LLC acquired a new stake in Veeco Instruments during the 2nd quarter valued at $289,000. Symphony Asset Management LLC raised its stake in Veeco Instruments by 66.8% during the 2nd quarter. Symphony Asset Management LLC now owns 46,404 shares of the semiconductor company’s stock valued at $1,292,000 after purchasing an additional 18,582 shares during the period. California Public Employees Retirement System raised its stake in Veeco Instruments by 13.2% during the 2nd quarter. California Public Employees Retirement System now owns 140,840 shares of the semiconductor company’s stock valued at $3,922,000 after purchasing an additional 16,440 shares during the period. Finally, New York State Common Retirement Fund raised its stake in Veeco Instruments by 12.1% during the 2nd quarter. New York State Common Retirement Fund now owns 495,797 shares of the semiconductor company’s stock valued at $13,808,000 after purchasing an additional 53,346 shares during the period. 96.13% of the stock is currently owned by institutional investors.
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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