Veeco Instruments Inc. (NASDAQ:VECO) shares shot up 1.7% on Monday . The stock traded as high as $8.90 and last traded at $8.95. 25,578 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 687,589 shares. The stock had previously closed at $8.80.
Several research firms recently weighed in on VECO. BidaskClub upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, July 13th. Benchmark restated a “hold” rating and issued a $38.00 price objective on shares of Veeco Instruments in a research report on Friday, August 3rd. ValuEngine upgraded shares of Veeco Instruments from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Finally, Zacks Investment Research raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. Veeco Instruments currently has an average rating of “Hold” and an average target price of $24.00.
The firm has a market capitalization of $429.36 million, a P/E ratio of 29.33 and a beta of 0.69. The company has a current ratio of 3.15, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49.
In other news, CEO John R. Peeler purchased 10,000 shares of the firm’s stock in a transaction dated Friday, August 10th. The stock was bought at an average price of $11.45 per share, with a total value of $114,500.00. Following the acquisition, the chief executive officer now directly owns 393,162 shares of the company’s stock, valued at $4,501,704.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shubham Maheshwari purchased 8,900 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was purchased at an average cost of $11.60 per share, with a total value of $103,240.00. Following the acquisition, the chief financial officer now directly owns 88,323 shares in the company, valued at $1,024,546.80. The disclosure for this purchase can be found here. Insiders bought a total of 23,900 shares of company stock valued at $267,990 in the last three months. 2.60% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. River & Mercantile Asset Management LLP boosted its stake in Veeco Instruments by 41.8% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 2,034,760 shares of the semiconductor company’s stock worth $29,046,000 after purchasing an additional 599,972 shares during the period. Dimensional Fund Advisors LP boosted its stake in Veeco Instruments by 5.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,317,366 shares of the semiconductor company’s stock worth $47,273,000 after purchasing an additional 169,886 shares during the period. Millennium Management LLC boosted its stake in Veeco Instruments by 506.8% in the 2nd quarter. Millennium Management LLC now owns 145,186 shares of the semiconductor company’s stock worth $2,069,000 after purchasing an additional 121,258 shares during the period. Royce & Associates LP boosted its stake in Veeco Instruments by 21.5% in the 2nd quarter. Royce & Associates LP now owns 613,482 shares of the semiconductor company’s stock worth $8,742,000 after purchasing an additional 108,563 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in Veeco Instruments by 6.8% in the 2nd quarter. Baillie Gifford & Co. now owns 1,291,414 shares of the semiconductor company’s stock worth $18,403,000 after purchasing an additional 82,104 shares during the period. 94.03% of the stock is owned by institutional investors.
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About Veeco Instruments (NASDAQ:VECO)
Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.
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