Veeco Instruments (NASDAQ:VECO) Rating Increased to Buy at Zacks Investment Research

Veeco Instruments (NASDAQ:VECOGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage currently has a $27.00 price objective on the semiconductor company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.91% from the company’s current price.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

Several other analysts have also commented on VECO. Oppenheimer boosted their price target on Veeco Instruments from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, January 12th. Northland Securities reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Veeco Instruments in a report on Tuesday, December 28th. Barclays increased their target price on Veeco Instruments from $27.00 to $35.00 in a research note on Wednesday, January 12th. Benchmark upped their price target on Veeco Instruments from $28.00 to $35.00 in a research note on Wednesday, January 12th. Finally, Stifel Nicolaus lifted their price objective on shares of Veeco Instruments from $30.00 to $33.00 in a research note on Tuesday, January 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veeco Instruments presently has a consensus rating of “Buy” and a consensus price target of $32.57.

Shares of VECO traded up $0.64 on Wednesday, reaching $24.79. 5,395 shares of the stock traded hands, compared to its average volume of 496,283. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 50.55 and a beta of 1.32. Veeco Instruments has a 12 month low of $20.25 and a 12 month high of $32.40. The stock’s 50-day moving average price is $27.30 and its 200-day moving average price is $26.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.90 and a quick ratio of 2.00.

Veeco Instruments (NASDAQ:VECOGet Rating) last issued its earnings results on Wednesday, February 16th. The semiconductor company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.08. The business had revenue of $153.00 million for the quarter, compared to analyst estimates of $150.97 million. Veeco Instruments had a net margin of 4.46% and a return on equity of 13.67%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS. As a group, equities research analysts forecast that Veeco Instruments will post 1.38 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Outfitter Financial LLC bought a new position in shares of Veeco Instruments during the fourth quarter worth about $36,000. Royal Bank of Canada raised its holdings in shares of Veeco Instruments by 82.2% in the second quarter. Royal Bank of Canada now owns 3,726 shares of the semiconductor company’s stock valued at $90,000 after purchasing an additional 1,681 shares during the last quarter. Cornerstone Investment Partners LLC acquired a new stake in shares of Veeco Instruments in the fourth quarter valued at approximately $210,000. Guggenheim Capital LLC bought a new stake in shares of Veeco Instruments in the fourth quarter worth $213,000. Finally, Everence Capital Management Inc. acquired a new position in Veeco Instruments during the fourth quarter worth $245,000. Institutional investors own 96.50% of the company’s stock.

Veeco Instruments Company Profile (Get Rating)

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. 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, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment.

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