Benchmark Has Lowered Expectations for Veeco Instruments (NASDAQ:VECO) Stock Price

Veeco Instruments (NASDAQ:VECO) had its price objective reduced by investment analysts at Benchmark from $38.00 to $31.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target indicates a potential upside of 27.90% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Oppenheimer reissued an “outperform” rating and set a $35.00 price target (down from $40.00) on shares of Veeco Instruments in a report on Friday, February 7th. StockNews.com raised Veeco Instruments from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Barclays cut their price objective on Veeco Instruments from $30.00 to $25.00 and set an “equal weight” rating for the company in a research report on Thursday. The Goldman Sachs Group decreased their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Citigroup upgraded shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price target for the company in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Veeco Instruments currently has an average rating of “Moderate Buy” and a consensus price target of $32.86.

Veeco Instruments Stock Performance

NASDAQ VECO traded up $0.59 during trading on Thursday, reaching $24.24. The company’s stock had a trading volume of 477,766 shares, compared to its average volume of 665,088. The business’s fifty day moving average price is $26.74 and its 200-day moving average price is $30.12. Veeco Instruments has a twelve month low of $23.00 and a twelve month high of $49.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.41 and a current ratio of 3.54. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 17.96 and a beta of 1.13.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Wednesday, February 12th. The semiconductor company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.14). Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. As a group, analysts anticipate that Veeco Instruments will post 1.12 EPS for the current fiscal year.

Insider Transactions at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $24.51, for a total value of $61,275.00. Following the completion of the transaction, the chief financial officer now owns 72,642 shares of the company’s stock, valued at approximately $1,780,455.42. The trade was a 3.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Veeco Instruments

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its stake in shares of Veeco Instruments by 257.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,276 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 919 shares during the period. Signaturefd LLC raised its holdings in Veeco Instruments by 130.6% in the 3rd quarter. Signaturefd LLC now owns 1,328 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 752 shares during the last quarter. 272 Capital LP purchased a new position in shares of Veeco Instruments during the 3rd quarter worth $50,000. KBC Group NV boosted its holdings in shares of Veeco Instruments by 46.8% during the third quarter. KBC Group NV now owns 2,088 shares of the semiconductor company’s stock worth $69,000 after purchasing an additional 666 shares during the last quarter. Finally, US Bancorp DE lifted its position in Veeco Instruments by 14.8% during the third quarter. US Bancorp DE now owns 3,864 shares of the semiconductor company’s stock worth $128,000 after buying an additional 498 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, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.