Veeco Instruments Inc. (VECO) Given Neutral Rating at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) reiterated their neutral rating on shares of Veeco Instruments Inc. (NASDAQ:VECO) in a report issued on Thursday morning. The firm currently has a $24.00 target price on the stock.
A number of other equities analysts have also commented on the stock. Pacific Crest restated a buy rating on shares of Veeco Instruments in a research report on Wednesday, November 16th. Benchmark Co. restated a buy rating and issued a $25.00 price objective on shares of Veeco Instruments in a research report on Wednesday, November 2nd. Needham & Company LLC restated a hold rating on shares of Veeco Instruments in a research report on Friday, October 7th. Zacks Investment Research upgraded shares of Veeco Instruments from a hold rating to a buy rating and set a $25.00 price objective for the company in a research report on Saturday, October 8th. Finally, TheStreet upgraded shares of Veeco Instruments from a sell rating to a hold rating in a research report on Tuesday, November 22nd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Veeco Instruments presently has an average rating of Hold and an average price target of $25.35.
Shares of Veeco Instruments (NASDAQ:VECO) traded up 1.019% during trading on Thursday, reaching $27.275. 691,359 shares of the company’s stock traded hands. The company’s market cap is $1.11 billion. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $30.45. The company’s 50-day moving average is $27.99 and its 200 day moving average is $21.81.
Veeco Instruments (NASDAQ:VECO) last posted its earnings results on Tuesday, November 1st. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.13. The firm earned $85.50 million during the quarter, compared to the consensus estimate of $80.72 million. Veeco Instruments had a negative net margin of 36.77% and a negative return on equity of 4.59%. The company’s revenue was down 39.2% on a year-over-year basis. During the same quarter last year, the company earned $0.33 earnings per share. Equities analysts forecast that Veeco Instruments will post ($0.47) EPS for the current year.
In other Veeco Instruments news, CFO Shubham Maheshwari sold 2,250 shares of Veeco Instruments stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $30.00, for a total transaction of $67,500.00. Following the completion of the sale, the chief financial officer now directly owns 36,300 shares in the company, valued at $1,089,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.70% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC increased its position in Veeco Instruments by 25.6% in the third quarter. Neuberger Berman Group LLC now owns 1,223,652 shares of the company’s stock valued at $24,020,000 after buying an additional 249,083 shares during the period. Anchor Capital Advisors LLC increased its position in Veeco Instruments by 0.7% in the second quarter. Anchor Capital Advisors LLC now owns 26,081 shares of the company’s stock valued at $432,000 after buying an additional 178 shares during the period. BlackRock Group LTD increased its position in Veeco Instruments by 134.9% in the third quarter. BlackRock Group LTD now owns 1,774,302 shares of the company’s stock valued at $34,829,000 after buying an additional 1,018,866 shares during the period. First Trust Advisors LP increased its position in Veeco Instruments by 15.7% in the third quarter. First Trust Advisors LP now owns 60,319 shares of the company’s stock valued at $1,184,000 after buying an additional 8,206 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new position in Veeco Instruments during the second quarter valued at approximately $186,000. Institutional investors and hedge funds own 93.13% 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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