Veeco Instruments Inc. (NASDAQ:VECO) Given Consensus Rating of “Hold” by Brokerages

Shares of Veeco Instruments Inc. (NASDAQ:VECO) have received a consensus rating of “Hold” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $28.1667.

Several research firms recently issued reports on VECO. Zacks Research cut shares of Veeco Instruments from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Citigroup increased their price target on shares of Veeco Instruments from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Veeco Instruments in a report on Thursday, February 26th.

Insider Transactions at Veeco Instruments

In related news, CEO William John Miller sold 50,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $31.62, for a total transaction of $1,581,000.00. Following the completion of the transaction, the chief executive officer directly owned 414,543 shares of the company’s stock, valued at $13,107,849.66. This represents a 10.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in Veeco Instruments by 75.6% during the second quarter. Smartleaf Asset Management LLC now owns 2,366 shares of the semiconductor company’s stock worth $49,000 after buying an additional 1,019 shares during the period. Rockefeller Capital Management L.P. grew its position in Veeco Instruments by 125.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company’s stock worth $70,000 after buying an additional 1,370 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Veeco Instruments during the fourth quarter worth about $77,000. Johnson Financial Group Inc. acquired a new position in Veeco Instruments during the third quarter worth about $91,000. Finally, Global Retirement Partners LLC grew its position in Veeco Instruments by 16,961.9% during the fourth quarter. Global Retirement Partners LLC now owns 3,583 shares of the semiconductor company’s stock worth $102,000 after buying an additional 3,562 shares during the period. 98.46% of the stock is currently owned by institutional investors and hedge funds.

Veeco Instruments Stock Performance

NASDAQ VECO opened at $50.25 on Monday. The stock has a market capitalization of $3.03 billion, a P/E ratio of 85.17 and a beta of 1.36. Veeco Instruments has a 52-week low of $18.31 and a 52-week high of $53.43. The firm has a 50-day moving average price of $36.63 and a 200 day moving average price of $32.65. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26.

About Veeco Instruments

Veeco Instruments Inc (NASDAQ: VECO) is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco’s platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco’s product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.