Veeco Instruments (NASDAQ:VECO) Given New $46.00 Price Target at Needham & Company LLC

Veeco Instruments (NASDAQ:VECO) had its price objective increased by Needham & Company LLC from $43.00 to $46.00 in a report released on Wednesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other equities research analysts have also recently weighed in on VECO. Barclays increased their price objective on Veeco Instruments from $28.00 to $33.00 and gave the company an equal weight rating in a research report on Tuesday, January 16th. Benchmark raised their price target on shares of Veeco Instruments from $34.00 to $40.00 and gave the stock a buy rating in a research report on Thursday, February 15th. The Goldman Sachs Group upped their price objective on shares of Veeco Instruments from $31.00 to $35.00 and gave the company 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 company a buy rating in a research note on Wednesday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $38.43.

Veeco Instruments Stock Performance

NASDAQ:VECO opened at $39.29 on Wednesday. The firm has a market capitalization of $2.21 billion, a PE ratio of -60.45 and a beta of 1.18. The company has a current ratio of 3.24, a quick ratio of 2.15 and a debt-to-equity ratio of 0.41. Veeco Instruments has a 1 year low of $19.05 and a 1 year high of $40.30. The firm’s fifty day simple moving average is $35.34 and its 200 day simple moving average is $31.91.

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

Insider Transactions at Veeco Instruments

In related news, SVP Adrian Devasahayam sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $34.10, for a total value of $170,500.00. Following the sale, the senior vice president now owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Adrian Devasahayam sold 5,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 67,278 shares of the company’s stock, valued at approximately $2,294,179.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William John Miller sold 24,201 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $35.30, for a total value of $854,295.30. Following the completion of 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. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeco Instruments

Institutional investors have recently added to or reduced their stakes in the company. Foundry Partners LLC acquired a new stake in Veeco Instruments during the 1st quarter valued at $203,000. State Board of Administration of Florida Retirement System increased its stake in shares of Veeco Instruments by 47.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,468 shares of the semiconductor company’s stock valued at $755,000 after buying an additional 6,940 shares in the last quarter. ProShare Advisors LLC grew its holdings in Veeco Instruments by 13.7% during the 1st quarter. ProShare Advisors LLC now owns 14,592 shares of the semiconductor company’s stock worth $513,000 after acquiring an additional 1,755 shares during the last quarter. Sei Investments Co. increased its position in Veeco Instruments by 130.7% in the 1st quarter. Sei Investments Co. now owns 48,075 shares of the semiconductor company’s stock valued at $1,691,000 after acquiring an additional 27,234 shares in the last quarter. Finally, Montag A & Associates Inc. bought a new position in shares of Veeco Instruments in the first quarter worth about $99,000. 98.46% of the stock is owned by institutional investors.

About Veeco Instruments

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.