Veeco Instruments (NASDAQ:VECO) Price Target Increased to $46.00 by Analysts at Needham & Company LLC

Veeco Instruments (NASDAQ:VECO) had its price objective hoisted by Needham & Company LLC from $43.00 to $46.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 22.70% from the stock’s current price.

A number of other equities analysts also recently issued reports on VECO. Barclays raised their price objective on Veeco Instruments from $28.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 16th. Benchmark boosted their price objective on Veeco Instruments from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. The Goldman Sachs Group raised their price objective on shares of Veeco Instruments from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, February 15th. Finally, Citigroup increased their target price on shares of Veeco Instruments from $36.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.14.

Veeco Instruments Price Performance

NASDAQ:VECO opened at $37.49 on Wednesday. Veeco Instruments has a one year low of $18.35 and a one year high of $38.92. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.24 and a quick ratio of 2.15. The company has a market cap of $2.11 billion, a PE ratio of -57.68 and a beta of 1.18. The firm’s 50 day simple moving average is $35.25 and its 200 day simple moving average is $31.86.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Wednesday, February 14th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.09. The company had revenue of $173.92 million for the quarter, compared to analyst estimates of $170.00 million. Veeco Instruments had a negative net margin of 4.56% and a positive return on equity of 11.10%. On average, research analysts anticipate that Veeco Instruments will post 1.39 earnings per share for the current year.

Insider Buying and Selling at Veeco Instruments

In other Veeco Instruments news, CEO William John Miller sold 24,201 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total transaction of $854,295.30. Following the transaction, the chief executive officer now directly owns 545,091 shares in the company, valued at approximately $19,241,712.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP Adrian Devasahayam sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total value of $170,500.00. Following the completion of the transaction, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total value of $854,295.30. Following the sale, the chief executive officer now owns 545,091 shares in the company, valued at $19,241,712.30. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Veeco Instruments

Several large investors have recently made changes to their positions in the business. NBC Securities Inc. purchased a new position in shares of Veeco Instruments in the 3rd quarter worth about $26,000. Federated Hermes Inc. bought a new position in shares of Veeco Instruments during the 3rd quarter valued at approximately $33,000. Ulland Investment Advisors LLC purchased a new stake in shares of Veeco Instruments during the 1st quarter worth approximately $33,000. Covestor Ltd raised its holdings in shares of Veeco Instruments by 1,311.0% in the 3rd quarter. Covestor Ltd now owns 1,284 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 1,193 shares during the period. Finally, Montag A & Associates Inc. purchased a new position in Veeco Instruments in the first quarter valued at approximately $99,000. 98.46% of the stock is owned by hedge funds and other institutional investors.

Veeco Instruments Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. 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, advanced packaging lithography, atomic layer deposition, and other deposition systems.