Veeco Instruments Inc. (NASDAQ:VECO) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Veeco Instruments Inc. (NASDAQ:VECO) have received an average rating of “Moderate Buy” from the eight brokerages that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $28.1667.

Several analysts have recently weighed in on VECO shares. Zacks Research upgraded shares of Veeco Instruments from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 2nd. Citigroup increased their target price on shares of Veeco Instruments from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Veeco Instruments in a research note on Wednesday, January 21st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a research report on Thursday, February 26th.

Veeco Instruments Price Performance

VECO stock opened at $30.30 on Friday. The business has a 50 day moving average price of $31.47 and a 200 day moving average price of $29.58. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 51.36 and a beta of 1.17. Veeco Instruments has a fifty-two week low of $16.92 and a fifty-two week high of $35.77. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26.

Insider Activity at Veeco Instruments

In related news, CEO William John Miller sold 50,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total value of $1,581,000.00. Following the completion of the sale, the chief executive officer directly owned 414,543 shares of the company’s stock, valued at $13,107,849.66. This represents a 10.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its stake in Veeco Instruments by 75.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 1,019 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Veeco Instruments during the fourth quarter worth approximately $77,000. Johnson Financial Group Inc. purchased a new position in shares of Veeco Instruments during the third quarter worth approximately $91,000. Global Retirement Partners LLC increased its holdings in shares of Veeco Instruments by 16,961.9% in the 4th quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 3,562 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in Veeco Instruments by 152.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,160 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 3,719 shares during the last quarter. Hedge funds and other institutional investors own 98.46% of the company’s stock.

Veeco Instruments Company Profile

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.