Oppenheimer Lowers Veeco Instruments (NASDAQ:VECO) Price Target to $35.00

Veeco Instruments (NASDAQ:VECO – Get Rating) had its target price cut by stock analysts at Oppenheimer from $40.00 to $35.00 in a research note issued on Thursday, The Fly reports. Oppenheimer’s target price indicates a potential upside of 41.70% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Veeco Instruments from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, January 11th. StockNews.com began coverage on shares of Veeco Instruments in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Stifel Nicolaus upped their price target on shares of Veeco Instruments from $30.00 to $33.00 in a research report on Tuesday, January 11th. Barclays upped their price target on shares of Veeco Instruments from $27.00 to $35.00 in a research report on Wednesday, January 12th. Finally, Benchmark upped their price target on shares of Veeco Instruments from $28.00 to $35.00 in a research report on Wednesday, January 12th. Two equities research analysts have rated the stock with a hold rating and three have assigned 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 $32.14.

VECO stock opened at $24.70 on Thursday. The company has a 50 day simple moving average of $26.44 and a 200 day simple moving average of $26.81. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 50.41 and a beta of 1.35. Veeco Instruments has a 1 year low of $20.39 and a 1 year high of $32.40. 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:VECO – Get Rating) last released its quarterly earnings data on Wednesday, February 16th. The semiconductor company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.08. The business had revenue of $153.00 million during the quarter, compared to analysts’ expectations of $150.97 million. Veeco Instruments had a net margin of 4.46% and a return on equity of 13.67%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. On average, equities research analysts anticipate that Veeco Instruments will post 1.38 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of VECO. Wasatch Advisors Inc. increased its position in shares of Veeco Instruments by 118.6% during the third quarter. Wasatch Advisors Inc. now owns 1,871,082 shares of the semiconductor company’s stock worth $41,557,000 after buying an additional 1,015,252 shares during the period. Victory Capital Management Inc. boosted its stake in Veeco Instruments by 1,006.5% during the first quarter. Victory Capital Management Inc. now owns 741,567 shares of the semiconductor company’s stock worth $20,031,000 after acquiring an additional 674,550 shares in the last quarter. Braun Stacey Associates Inc. bought a new position in Veeco Instruments during the first quarter worth $14,012,000. Neumeier Poma Investment Counsel LLC boosted its stake in Veeco Instruments by 31.2% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 1,558,400 shares of the semiconductor company’s stock worth $34,612,000 after acquiring an additional 370,300 shares in the last quarter. Finally, GMT Capital Corp bought a new position in Veeco Instruments during the third quarter worth $5,317,000. Institutional investors own 97.66% of the company’s stock.

About Veeco Instruments (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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