Veeco Instruments (NASDAQ:VECO) Price Target Raised to $40.00

by · The Markets Daily

Veeco Instruments (NASDAQ:VECO – Free Report) had its price target hoisted by Citigroup from $36.00 to $40.00 in a research note published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

Several other equities research analysts have also recently issued reports on VECO. Weiss Ratings restated a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Needham & Company LLC restated a “hold” rating on shares of Veeco Instruments in a research note on Thursday. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Veeco Instruments currently has an average rating of “Hold” and an average target price of $28.17.

View Our Latest Stock Analysis on VECO

Veeco Instruments Price Performance

VECO opened at $30.56 on Thursday. The company’s 50-day simple moving average is $31.21 and its two-hundred day simple moving average is $29.32. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.62 and a current ratio of 5.36. The stock has a market capitalization of $1.85 billion, a P/E ratio of 51.80 and a beta of 1.19. Veeco Instruments has a 52-week low of $16.92 and a 52-week high of $35.77.

Insider Buying and Selling

In related news, CEO William John Miller sold 25,000 shares of Veeco Instruments stock in a transaction on Friday, December 5th. The stock was sold at an average price of $32.00, for a total transaction of $800,000.00. Following the transaction, the chief executive officer directly owned 464,543 shares in the company, valued at approximately $14,865,376. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC grew its stake in shares of Veeco Instruments by 75.6% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 1,019 shares during the period. Johnson Financial Group Inc. bought a new position in shares of Veeco Instruments in the third quarter worth approximately $91,000. Hantz Financial Services Inc. increased its stake in shares of Veeco Instruments by 49,728.6% in the second quarter. Hantz Financial Services Inc. now owns 3,488 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 3,481 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Veeco Instruments by 16,961.9% during the 4th quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock valued at $102,000 after purchasing an additional 3,562 shares during the period. Finally, CWM LLC lifted its stake in shares of Veeco Instruments by 329.7% during the 2nd quarter. CWM LLC now owns 4,632 shares of the semiconductor company’s stock valued at $94,000 after buying an additional 3,554 shares in the last quarter. 98.46% of the stock is owned by hedge funds and other institutional investors.

About Veeco Instruments

(Get Free Report)

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.

Further Reading