Veeco Instruments (NASDAQ:VECO) Issues Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECOGet Rating) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.22-0.34 for the period, compared to the consensus EPS estimate of $0.38. The company issued revenue guidance of $150-170 million, compared to the consensus revenue estimate of $161.57 million.Veeco Instruments also updated its Q2 2022 guidance to $0.22-$0.34 EPS.

VECO stock traded down $3.68 during midday trading on Tuesday, hitting $19.09. The stock had a trading volume of 48,009 shares, compared to its average volume of 492,608. The firm has a market cap of $966.74 million, a P/E ratio of 40.76 and a beta of 1.35. The company has a current ratio of 2.90, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. Veeco Instruments has a 1-year low of $20.39 and a 1-year high of $32.40. The business has a fifty day moving average price of $26.15 and a two-hundred day moving average price of $26.82.

Veeco Instruments (NASDAQ:VECOGet Rating) last released its earnings results on Monday, May 9th. The semiconductor company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.03. The business had revenue of $156.30 million for the quarter, compared to analyst estimates of $154.95 million. Veeco Instruments had a net margin of 4.46% and a return on equity of 13.67%. Veeco Instruments’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 earnings per share. On average, equities analysts anticipate that Veeco Instruments will post 1.38 EPS for the current year.

Several equities research analysts have weighed in on VECO shares. Benchmark lifted their price target on shares of Veeco Instruments from $28.00 to $35.00 in a research note on Wednesday, January 12th. Zacks Investment Research raised shares of Veeco Instruments from a hold rating to a buy rating and set a $27.00 price target for the company in a research note on Wednesday, April 20th. The Goldman Sachs Group lifted their price target on shares of Veeco Instruments from $25.00 to $28.00 and gave the company a neutral rating in a research note on Tuesday, January 11th. StockNews.com started coverage on shares of Veeco Instruments in a research note on Thursday, March 31st. They issued a hold rating for the company. Finally, Barclays lifted their price target on shares of Veeco Instruments from $27.00 to $35.00 in a research note on Wednesday, January 12th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $32.14.

Large investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Veeco Instruments by 82.2% during the second quarter. Royal Bank of Canada now owns 3,726 shares of the semiconductor company’s stock worth $90,000 after acquiring an additional 1,681 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of Veeco Instruments by 315.4% during the first quarter. Advisor Group Holdings Inc. now owns 4,644 shares of the semiconductor company’s stock worth $126,000 after acquiring an additional 3,526 shares in the last quarter. Guggenheim Capital LLC bought a new stake in Veeco Instruments in the 4th quarter worth about $213,000. Schonfeld Strategic Advisors LLC bought a new stake in Veeco Instruments in the 4th quarter worth about $288,000. Finally, Vident Investment Advisory LLC purchased a new stake in Veeco Instruments in the 4th quarter valued at about $294,000. 97.66% of the stock is owned by institutional investors.

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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