Veeco Instruments Inc. (NASDAQ:VECO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Veeco Instruments Inc. (NASDAQ:VECO) has been given a consensus rating of “Moderate Buy” by the eight research firms that are covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $28.1667.

A number of research firms recently issued reports on VECO. Weiss Ratings reissued a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Zacks Research raised Veeco Instruments from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 2nd. Citigroup increased their price objective on Veeco Instruments from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Veeco Instruments in a research note on Thursday, February 26th.

Insiders Place Their Bets

In related news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $31.62, for a total value of $1,581,000.00. Following the transaction, the chief executive officer directly owned 414,543 shares in the company, valued at $13,107,849.66. This trade represents a 10.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veeco Instruments

A number of large investors have recently bought and sold shares of VECO. Smartleaf Asset Management LLC lifted its stake in shares of Veeco Instruments by 75.6% in the 2nd 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 during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Veeco Instruments during the fourth quarter worth about $77,000. Johnson Financial Group Inc. acquired a new position in shares of Veeco Instruments during the third quarter worth about $91,000. Global Retirement Partners LLC raised its holdings in Veeco Instruments by 16,961.9% during the fourth quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock worth $102,000 after purchasing an additional 3,562 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Veeco Instruments by 152.4% in the second quarter. Tower Research Capital LLC TRC now owns 6,160 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 3,719 shares during the period. Hedge funds and other institutional investors own 98.46% of the company’s stock.

Veeco Instruments Trading Down 4.8%

NASDAQ VECO opened at $30.30 on Friday. The firm’s fifty day moving average is $31.47 and its two-hundred day moving average is $29.58. Veeco Instruments has a one year low of $16.92 and a one year high of $35.77. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.20 and a current ratio of 4.75. The firm has a market cap of $1.83 billion, a PE ratio of 51.36 and a beta of 1.17.

Veeco Instruments Company Profile

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.