Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECO) from a hold rating to a strong-buy rating in a report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $16.00 price target on the semiconductor company’s stock.
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. “
A number of other research analysts have also issued reports on VECO. Benchmark reaffirmed a buy rating and set a $15.00 target price on shares of Veeco Instruments in a report on Thursday. BidaskClub raised Veeco Instruments from a buy rating to a strong-buy rating in a report on Thursday, May 9th. ValuEngine raised Veeco Instruments from a sell rating to a hold rating in a report on Thursday, April 4th. Northland Securities reaffirmed a buy rating and set a $14.00 target price on shares of Veeco Instruments in a report on Monday, May 6th. Finally, Stifel Nicolaus lowered Veeco Instruments from a buy rating to a hold rating and set a $12.00 target price on the stock. in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $14.25.
Veeco Instruments (NASDAQ:VECO) last released its earnings results on Monday, May 6th. The semiconductor company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. The firm had revenue of $99.37 million for the quarter, compared to analyst estimates of $96.75 million. Veeco Instruments had a negative return on equity of 3.17% and a negative net margin of 84.86%. Veeco Instruments’s revenue was down 37.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. As a group, sell-side analysts expect that Veeco Instruments will post -0.41 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Neuburgh Advisers LLC grew its holdings in Veeco Instruments by 47.2% during the fourth quarter. Neuburgh Advisers LLC now owns 7,040 shares of the semiconductor company’s stock worth $52,000 after acquiring an additional 2,256 shares during the period. Bank of Montreal Can boosted its position in shares of Veeco Instruments by 32.1% in the 4th quarter. Bank of Montreal Can now owns 7,665 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 1,864 shares during the period. SEI Investments Co boosted its position in shares of Veeco Instruments by 94.8% in the 1st quarter. SEI Investments Co now owns 7,888 shares of the semiconductor company’s stock valued at $86,000 after purchasing an additional 3,839 shares during the period. Caxton Associates LP acquired a new position in shares of Veeco Instruments in the 4th quarter valued at $90,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Veeco Instruments in the 4th quarter valued at $91,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.
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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