Veeco Instruments (NASDAQ:VECO) Updates Q4 2024 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.360-0.440 for the period, compared to the consensus earnings per share estimate of 0.400. The company issued revenue guidance of $175.0 million-$185.0 million, compared to the consensus revenue estimate of $176.0 million. Veeco Instruments also updated its FY 2024 guidance to 1.070-1.260 EPS.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VECO. 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 research note on Monday, January 6th. The Goldman Sachs Group decreased their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Oppenheimer dropped their price target on Veeco Instruments from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Benchmark cut their target price on Veeco Instruments from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, StockNews.com raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.71.

Veeco Instruments Stock Down 2.1 %

Veeco Instruments stock opened at $26.13 on Tuesday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 19.36 and a beta of 1.15. The company has a current ratio of 3.54, a quick ratio of 2.41 and a debt-to-equity ratio of 0.33. Veeco Instruments has a 12 month low of $25.52 and a 12 month high of $49.25. The stock has a fifty day simple moving average of $27.72 and a two-hundred day simple moving average of $33.02.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The company had revenue of $184.80 million during the quarter, compared to the consensus estimate of $180.57 million. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. Veeco Instruments’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. Equities analysts predict that Veeco Instruments will post 1.12 EPS for the current fiscal year.

Insider Activity at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $27.63, for a total transaction of $69,075.00. Following the completion of the sale, the chief financial officer now owns 75,142 shares of the company’s stock, valued at $2,076,173.46. This represents a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by insiders.

About Veeco Instruments

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.