Goldman Sachs Group upgraded shares of Veeco Instruments (NASDAQ:VECO) from a neutral rating to a buy rating in a research report report published on Tuesday, Benzinga reports. They currently have $16.00 price target on the semiconductor company’s stock, up from their prior price target of $13.50.
Several other brokerages also recently issued reports on VECO. Zacks Investment Research upgraded Veeco Instruments from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research report on Saturday, August 8th. Northland Securities restated a buy rating and issued a $20.00 price objective on shares of Veeco Instruments in a research report on Friday, May 29th. BidaskClub downgraded Veeco Instruments from a sell rating to a strong sell rating in a research report on Friday, September 11th. Finally, Oppenheimer restated a buy rating and issued a $20.00 price objective on shares of Veeco Instruments in a research report on Tuesday, August 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. Veeco Instruments has a consensus rating of Buy and an average target price of $17.83.
VECO traded up $1.72 during trading on Tuesday, reaching $12.72. 11,462 shares of the stock were exchanged, compared to its average volume of 522,288. The business’s 50 day moving average price is $12.58 and its two-hundred day moving average price is $11.95. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.22 and a quick ratio of 3.15. The company has a market capitalization of $545.81 million, a price-to-earnings ratio of -11.40 and a beta of 1.20. Veeco Instruments has a 1 year low of $7.42 and a 1 year high of $19.21.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Monday, August 3rd. The semiconductor company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. The company had revenue of $98.60 million for the quarter, compared to the consensus estimate of $97.83 million. Veeco Instruments had a positive return on equity of 2.66% and a negative net margin of 12.58%. Veeco Instruments’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) earnings per share. On average, analysts anticipate that Veeco Instruments will post 0.49 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VECO. Paradigm Capital Management Inc. NY lifted its position in Veeco Instruments by 8,482.4% during the second quarter. Paradigm Capital Management Inc. NY now owns 1,802,300 shares of the semiconductor company’s stock worth $24,313,000 after buying an additional 1,781,300 shares during the period. Assenagon Asset Management S.A. purchased a new position in Veeco Instruments during the second quarter worth about $3,214,000. BNP Paribas Arbitrage SA lifted its position in Veeco Instruments by 930.8% during the first quarter. BNP Paribas Arbitrage SA now owns 199,588 shares of the semiconductor company’s stock worth $1,910,000 after buying an additional 180,225 shares during the period. RK Capital Management LLC lifted its position in Veeco Instruments by 63.3% during the second quarter. RK Capital Management LLC now owns 463,600 shares of the semiconductor company’s stock worth $6,254,000 after buying an additional 179,773 shares during the period. Finally, Invesco Ltd. lifted its position in Veeco Instruments by 3.6% during the first quarter. Invesco Ltd. now owns 4,887,374 shares of the semiconductor company’s stock worth $46,772,000 after buying an additional 169,565 shares during the period. Hedge funds and other institutional investors own 93.58% of the company’s stock.
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 worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.
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