Veeco Instruments (NASDAQ:VECO) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Veeco Instruments (NASDAQ:VECOGet Rating) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. They currently have $27.00 price objective 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. “

Several other equities analysts have also commented on VECO. Oppenheimer upped their price target on shares of Veeco Instruments from $34.00 to $38.00 and gave the stock an outperform rating in a research report on Wednesday, January 12th. Barclays upped their price target on shares of Veeco Instruments from $27.00 to $35.00 in a research report on Wednesday, January 12th. Northland Securities reaffirmed an outperform rating and set a $32.00 price target on shares of Veeco Instruments in a research report on Tuesday, December 28th. Stifel Nicolaus boosted their price objective on shares of Veeco Instruments from $30.00 to $33.00 in a research note on Tuesday, January 11th. Finally, StockNews.com initiated coverage on shares of Veeco Instruments in a research note on Thursday, March 31st. They set a hold rating for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $32.57.

NASDAQ:VECO opened at $23.48 on Wednesday. The firm has a 50 day simple moving average of $27.16 and a 200-day simple moving average of $26.75. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.90 and a quick ratio of 2.00. The firm has a market cap of $1.19 billion, a PE ratio of 48.12 and a beta of 1.32. Veeco Instruments has a 1-year low of $20.39 and a 1-year high of $32.40.

Veeco Instruments (NASDAQ:VECOGet Rating) last issued its quarterly earnings results on Wednesday, February 16th. The semiconductor company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. Veeco Instruments had a net margin of 4.46% and a return on equity of 13.67%. The firm had revenue of $153.00 million during the quarter, compared to analyst estimates of $150.97 million. During the same quarter in the prior year, the business posted $0.25 earnings per share. Veeco Instruments’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts expect that Veeco Instruments will post 1.38 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC purchased a new position in shares of Veeco Instruments in the first quarter valued at $236,000. Private Capital Group LLC purchased a new position in shares of Veeco Instruments in the first quarter valued at $42,000. Maryland State Retirement & Pension System boosted its stake in shares of Veeco Instruments by 2.3% in the first quarter. Maryland State Retirement & Pension System now owns 20,428 shares of the semiconductor company’s stock valued at $555,000 after purchasing an additional 462 shares during the period. Nordea Investment Management AB boosted its stake in shares of Veeco Instruments by 4.7% in the first quarter. Nordea Investment Management AB now owns 317,979 shares of the semiconductor company’s stock valued at $8,856,000 after purchasing an additional 14,261 shares during the period. Finally, Barclays PLC boosted its stake in shares of Veeco Instruments by 7.1% in the fourth quarter. Barclays PLC now owns 121,045 shares of the semiconductor company’s stock valued at $3,446,000 after purchasing an additional 8,003 shares during the period. Institutional investors own 96.50% of the company’s stock.

About Veeco Instruments (Get Rating)

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. 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, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment.

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