Veeco Instruments Inc. (NASDAQ:VECO) Short Interest Update

Veeco Instruments Inc. (NASDAQ:VECO) was the target of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 5,942,029 shares, an increase of 22.9% from the February 26th total of 4,835,730 shares. Based on an average daily trading volume, of 1,081,761 shares, the short-interest ratio is currently 5.5 days. Approximately 10.1% of the company’s shares are short sold.

Veeco Instruments Stock Performance

Shares of VECO stock opened at $33.86 on Wednesday. The firm has a 50 day moving average of $31.71 and a two-hundred day moving average of $30.57. The stock has a market capitalization of $2.04 billion, a PE ratio of 57.39 and a beta of 1.17. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26. Veeco Instruments has a 52 week low of $16.92 and a 52 week high of $37.23.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VECO. Weiss Ratings reissued a “hold (c)” rating on shares of Veeco Instruments in a research note on Wednesday, January 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Veeco Instruments in a research note on Thursday, February 26th. Citigroup increased their price target on Veeco Instruments from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Zacks Research upgraded shares of Veeco Instruments from a “hold” rating to a “strong-buy” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.17.

Insider Buying and Selling at Veeco Instruments

In other news, CEO William John Miller sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the completion of the sale, the chief executive officer owned 414,543 shares in the company, valued at $13,107,849.66. This trade represents a 10.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VECO. PNC Financial Services Group Inc. grew its stake in Veeco Instruments by 7.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,111 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 350 shares in the last quarter. CWM LLC boosted its stake in shares of Veeco Instruments by 7.6% in the 3rd quarter. CWM LLC now owns 4,985 shares of the semiconductor company’s stock valued at $152,000 after buying an additional 353 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Veeco Instruments by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 32,882 shares of the semiconductor company’s stock valued at $939,000 after buying an additional 361 shares during the period. Vise Technologies Inc. grew its position in shares of Veeco Instruments by 5.3% during the fourth quarter. Vise Technologies Inc. now owns 7,503 shares of the semiconductor company’s stock worth $214,000 after buying an additional 377 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its position in shares of Veeco Instruments by 4.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 10,986 shares of the semiconductor company’s stock worth $314,000 after buying an additional 462 shares in the last quarter. 98.46% of the stock is currently owned by hedge funds and other institutional investors.

About Veeco Instruments

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.