Veeco Instruments Inc. (VECO) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Veeco Instruments Inc. (NASDAQ:VECO) from a hold rating to a buy rating in a report issued on Saturday morning. They currently have $25.00 price target on the stock.
According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “
Several other brokerages also recently commented on VECO. Benchmark Co. dropped their target price on shares of Veeco Instruments from $23.00 to $21.00 and set a buy rating on the stock in a report on Tuesday, August 2nd. Deutsche Bank AG upgraded shares of Veeco Instruments from a hold rating to a buy rating and boosted their price objective for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Finally, Needham & Company LLC restated a hold rating on shares of Veeco Instruments in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Veeco Instruments currently has an average rating of Hold and a consensus target price of $24.00.
Shares of Veeco Instruments (NASDAQ:VECO) opened at 21.94 on Friday. Veeco Instruments has a 12-month low of $15.26 and a 12-month high of $22.09. The stock’s 50 day moving average price is $19.87 and its 200-day moving average price is $18.42. The company’s market cap is $891.60 million.
Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. The firm had revenue of $75.30 million for the quarter, compared to the consensus estimate of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The business’s quarterly revenue was down 42.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.20 EPS. On average, equities research analysts forecast that Veeco Instruments will post ($0.50) earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Mason Street Advisors LLC acquired a new stake in Veeco Instruments during the second quarter worth $129,000. BlackRock Inc. boosted its stake in Veeco Instruments by 254.3% in the second quarter. BlackRock Inc. now owns 10,502 shares of the company’s stock worth $174,000 after buying an additional 7,538 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Veeco Instruments during the second quarter worth $186,000. BNP Paribas Arbitrage SA boosted its stake in Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock worth $206,000 after buying an additional 6,421 shares during the last quarter. Finally, Springbok Capital Management LLC boosted its stake in Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock worth $214,000 after buying an additional 4,285 shares during the last quarter. 94.95% of the stock is currently owned by institutional investors and hedge funds.
About Veeco Instruments
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Veeco Instruments Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments Inc. and related companies with MarketBeat.com's FREE daily email newsletter.