Veeco Instruments’ (VECO) Buy Rating Reaffirmed at Deutsche Bank AG
Deutsche Bank AG restated their buy rating on shares of Veeco Instruments Inc. (NASDAQ:VECO) in a report released on Thursday morning. Deutsche Bank AG currently has a $32.00 price target on the stock, up from their previous price target of $28.00.
Several other analysts also recently commented on the stock. Benchmark Co. reaffirmed a buy rating and set a $25.00 target price on shares of Veeco Instruments in a report on Wednesday, November 2nd. Zacks Investment Research downgraded shares of Veeco Instruments from a buy rating to a hold rating in a report on Friday, January 6th. Pacific Crest reaffirmed a buy rating on shares of Veeco Instruments in a report on Wednesday, November 16th. TheStreet raised shares of Veeco Instruments from a sell rating to a hold rating in a report on Tuesday, November 22nd. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a neutral rating and set a $24.00 target price on shares of Veeco Instruments in a report on Thursday. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $25.35.
Veeco Instruments (NASDAQ:VECO) traded up 1.019% during mid-day trading on Thursday, hitting $27.275. 691,359 shares of the stock traded hands. The firm’s 50-day moving average price is $27.99 and its 200-day moving average price is $21.81. The firm’s market cap is $1.11 billion. Veeco Instruments has a 52 week low of $15.26 and a 52 week high of $30.45.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Tuesday, November 1st. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.13. Veeco Instruments had a negative net margin of 36.77% and a negative return on equity of 4.59%. The company earned $85.50 million during the quarter, compared to the consensus estimate of $80.72 million. During the same quarter last year, the firm posted $0.33 EPS. The company’s quarterly revenue was down 39.2% on a year-over-year basis. On average, equities analysts forecast that Veeco Instruments will post ($0.47) earnings per share for the current fiscal year.
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In other news, CFO Shubham Maheshwari sold 2,250 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $30.00, for a total value of $67,500.00. Following the completion of the transaction, the chief financial officer now directly owns 36,300 shares in the company, valued at approximately $1,089,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of VECO. Neuberger Berman Group LLC boosted its position in shares of Veeco Instruments by 25.6% in the third quarter. Neuberger Berman Group LLC now owns 1,223,652 shares of the company’s stock valued at $24,020,000 after buying an additional 249,083 shares during the last quarter. Anchor Capital Advisors LLC boosted its position in shares of Veeco Instruments by 0.7% in the second quarter. Anchor Capital Advisors LLC now owns 26,081 shares of the company’s stock valued at $432,000 after buying an additional 178 shares during the last quarter. BlackRock Group LTD boosted its position in shares of Veeco Instruments by 134.9% in the third quarter. BlackRock Group LTD now owns 1,774,302 shares of the company’s stock valued at $34,829,000 after buying an additional 1,018,866 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Veeco Instruments by 15.7% in the third quarter. First Trust Advisors LP now owns 60,319 shares of the company’s stock valued at $1,184,000 after buying an additional 8,206 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Veeco Instruments during the second quarter valued at approximately $186,000. Institutional investors own 93.13% of the company’s stock.
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.
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