Veeco Instruments (NASDAQ:VECO) Upgraded by Zacks Investment Research to “Buy”

Veeco Instruments (NASDAQ:VECO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Zacks.com reports. The firm currently has a $34.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 6.28% from the stock’s current price.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

VECO has been the topic of several other research reports. Stifel Nicolaus lifted their price target on shares of Veeco Instruments from $30.00 to $33.00 in a research note on Tuesday. The Goldman Sachs Group upped their target price on Veeco Instruments from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday. Benchmark raised their price target on shares of Veeco Instruments from $28.00 to $35.00 in a research report on Wednesday. Barclays upped their price target on shares of Veeco Instruments from $27.00 to $35.00 in a report on Wednesday. Finally, Oppenheimer lifted their price target on Veeco Instruments from $34.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $33.57.

Shares of VECO stock opened at $31.99 on Friday. The company has a quick ratio of 2.58, a current ratio of 3.49 and a debt-to-equity ratio of 0.76. Veeco Instruments has a fifty-two week low of $18.22 and a fifty-two week high of $32.40. The firm’s 50 day moving average price is $27.34 and its two-hundred day moving average price is $24.34. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 94.09 and a beta of 1.39.

Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Tuesday, November 2nd. The semiconductor company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.12. Veeco Instruments had a net margin of 3.12% and a return on equity of 12.16%. The business had revenue of $150.25 million for the quarter, compared to analyst estimates of $146.63 million. During the same quarter in the previous year, the business posted $0.16 EPS. On average, equities analysts forecast that Veeco Instruments will post 1.06 EPS for the current fiscal year.

In other Veeco Instruments news, SVP Susan Wilkerson sold 1,896 shares of the company’s stock in a transaction dated Friday, December 3rd. The stock was sold at an average price of $26.14, for a total value of $49,561.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter J. Simone sold 6,451 shares of the firm’s stock in a transaction on Monday, November 8th. The shares were sold at an average price of $27.08, for a total transaction of $174,693.08. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC raised its position in Veeco Instruments by 7.4% in the 2nd quarter. Mutual of America Capital Management LLC now owns 7,134 shares of the semiconductor company’s stock valued at $172,000 after buying an additional 494 shares during the last quarter. Diversified Trust Co grew its stake in shares of Veeco Instruments by 7.7% in the 4th quarter. Diversified Trust Co now owns 10,202 shares of the semiconductor company’s stock worth $290,000 after acquiring an additional 726 shares in the last quarter. Synovus Financial Corp increased its stake in shares of Veeco Instruments by 2.2% in the third quarter. Synovus Financial Corp now owns 34,623 shares of the semiconductor company’s stock worth $770,000 after purchasing an additional 742 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Veeco Instruments by 0.9% during the second quarter. Bank of Montreal Can now owns 90,226 shares of the semiconductor company’s stock worth $2,205,000 after acquiring an additional 835 shares in the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Veeco Instruments by 3.2% during the third quarter. Voya Investment Management LLC now owns 27,876 shares of the semiconductor company’s stock valued at $619,000 after purchasing an additional 858 shares during the last quarter. 96.93% of the stock is owned by institutional investors.

Veeco Instruments Company Profile

Veeco Instruments, Inc engages in the development, manufacture, sale and support of semiconductor process equipment. Its technologies consists of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems.

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