Zacks Investment Research upgraded shares of Veeco Instruments Inc. (NASDAQ:VECO) from a hold rating to a buy rating in a report issued on Saturday morning. Zacks Investment Research currently has $25.00 target price on the stock.
According to Zacks, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities. “
A number of other research firms have also recently weighed in on VECO. Benchmark Co. decreased their price objective on shares of Veeco Instruments from $23.00 to $21.00 and set a buy rating for the company in a research report on Tuesday, August 2nd. Deutsche Bank AG raised shares of Veeco Instruments from a hold rating to a buy rating and upped their price objective for the company from $16.00 to $22.00 in a research report on Tuesday, August 2nd. Finally, Needham & Company LLC reissued a hold rating on shares of Veeco Instruments in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $24.00.
Veeco Instruments (NASDAQ:VECO) opened at 21.94 on Friday. The stock’s market cap is $891.60 million. Veeco Instruments has a 12-month low of $15.26 and a 12-month high of $22.09. The company’s 50 day moving average price is $19.87 and its 200-day moving average price is $18.42.
Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The company earned $75.30 million during the quarter, compared to analysts’ expectations of $76.30 million. Veeco Instruments had a negative net margin of 13.00% and a negative return on equity of 2.37%. The firm’s revenue for the quarter was down 42.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 EPS. On average, analysts forecast that Veeco Instruments will post ($0.50) EPS for the current year.
A number of large investors have recently added to or reduced their stakes in VECO. Mason Street Advisors LLC acquired a new stake in Veeco Instruments during the second quarter valued at $129,000. BlackRock Inc. raised its stake in Veeco Instruments by 254.3% in the second quarter. BlackRock Inc. now owns 10,502 shares of the company’s stock valued at $174,000 after buying an additional 7,538 shares during the period. Quantitative Systematic Strategies LLC acquired a new stake in Veeco Instruments during the second quarter valued at $186,000. BNP Paribas Arbitrage SA raised its stake in Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock valued at $206,000 after buying an additional 6,421 shares during the period. Finally, Springbok Capital Management LLC raised its stake in Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock valued at $214,000 after buying an additional 4,285 shares during the period. Hedge funds and other institutional investors own 94.95% of the company’s stock.
Veeco Instruments Company Profile
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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