Veeco Instruments (NASDAQ:VECO) Stock Price Expected to Rise, Citigroup Analyst Says

Veeco Instruments (NASDAQ:VECO) had its price objective lifted by research analysts at Citigroup from $36.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target would suggest a potential upside of 30.89% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a report on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Veeco Instruments in a research report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Veeco Instruments currently has an average rating of “Hold” and an average price target of $28.17.

Veeco Instruments Stock Performance

Shares of NASDAQ VECO opened at $30.56 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 5.36 and a quick ratio of 3.62. Veeco Instruments has a one year low of $16.92 and a one year high of $35.77. The business’s 50-day moving average price is $31.21 and its two-hundred day moving average price is $29.28. The company has a market capitalization of $1.85 billion, a P/E ratio of 51.80 and a beta of 1.19.

Insider Activity

In other Veeco Instruments news, CEO William John Miller sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $32.00, for a total value of $800,000.00. Following the completion of the transaction, the chief executive officer owned 464,543 shares of the company’s stock, valued at $14,865,376. This represents a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Veeco Instruments

A number of institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC raised its stake in Veeco Instruments by 75.6% during the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 1,019 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Veeco Instruments by 49,728.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 3,488 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 3,481 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Veeco Instruments during the 3rd quarter worth about $91,000. CWM LLC increased its position in shares of Veeco Instruments by 329.7% during the 2nd quarter. CWM LLC now owns 4,632 shares of the semiconductor company’s stock worth $94,000 after purchasing an additional 3,554 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Veeco Instruments by 16,961.9% during the 4th quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock valued at $102,000 after purchasing an additional 3,562 shares during the last quarter. 98.46% of the stock is owned by institutional investors and hedge funds.

About Veeco Instruments

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.