Veeco Instruments (NASDAQ:VECO) Issues Earnings Results, Misses Expectations By $0.07 EPS

Veeco Instruments (NASDAQ:VECO) released its quarterly earnings data on Wednesday. The semiconductor company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.07), FiscalAI reports. The business had revenue of $209.38 million for the quarter, compared to analysts’ expectations of $213.33 million. Veeco Instruments had a net margin of 3.40% and a return on equity of 3.52%.

Veeco Instruments Price Performance

Shares of NASDAQ VECO traded down $1.39 during midday trading on Wednesday, hitting $36.00. 1,538,151 shares of the company’s stock were exchanged, compared to its average volume of 1,089,163. Veeco Instruments has a 12-month low of $26.00 and a 12-month high of $86.63. The company has a current ratio of 3.93, a quick ratio of 2.69 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 100.00 and a beta of 1.41. The business’s fifty day moving average price is $45.72 and its two-hundred day moving average price is $46.85.

Insider Activity at Veeco Instruments

In other Veeco Instruments news, CEO William Miller sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $54.18, for a total value of $10,836,000.00. Following the completion of the transaction, the chief executive officer owned 169,570 shares of the company’s stock, valued at $9,187,302.60. The trade was a 54.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John P. Kiernan sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $51.05, for a total transaction of $1,786,750.00. Following the completion of the transaction, the chief financial officer directly owned 68,802 shares of the company’s stock, valued at approximately $3,512,342.10. This represents a 33.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

VECO has been the subject of several recent research reports. Oppenheimer reiterated an “outperform” rating and issued a $24.00 target price on shares of Veeco Instruments in a research note on Wednesday, October 14th. Northland Securities upgraded shares of Veeco Instruments from a “market perform” rating to an “outperform” rating and set a $66.00 price target on the stock in a research note on Monday, September 21st. Weiss Ratings cut shares of Veeco Instruments from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Wall Street Zen raised shares of Veeco Instruments from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 12th. Finally, Citigroup lifted their price objective on shares of Veeco Instruments from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.00.

Veeco Instruments Company Profile

Veeco Instruments Inc (NASDAQ: VECO) develops and manufactures specialized equipment used in the production of semiconductors and other advanced electronic devices. Its systems help customers deposit, etch, pattern, anneal and otherwise process thin films and materials at the wafer level.

The company’s product portfolio includes metal-organic chemical vapor deposition systems, molecular beam epitaxy equipment, ion beam etch and deposition systems, laser annealing systems, and related process-control and automation technologies.