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

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

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

Veeco Instruments Stock Performance

Shares of VECO opened at $34.67 on Thursday. Veeco Instruments has a 12-month low of $16.92 and a 12-month high of $37.23. The stock has a market cap of $2.09 billion, a P/E ratio of 58.76 and a beta of 1.10. The company has a current ratio of 4.75, a quick ratio of 3.20 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $31.74 and a two-hundred day moving average of $30.59.

Insider Activity at Veeco Instruments

In related news, CEO William John Miller sold 50,000 shares of Veeco Instruments stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the completion of the sale, the chief executive officer owned 414,543 shares in the company, valued at approximately $13,107,849.66. This trade represents a 10.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in shares of 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 buying an additional 1,019 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Veeco Instruments by 125.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company’s stock valued at $70,000 after buying an additional 1,370 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Veeco Instruments during the fourth quarter valued at approximately $77,000. Johnson Financial Group Inc. purchased a new position in shares of Veeco Instruments during the third quarter valued at approximately $91,000. Finally, Global Retirement Partners LLC lifted its stake in shares of 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 valued at $102,000 after buying an additional 3,562 shares during the period. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

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.