Veeco Instruments (NASDAQ:VECO) Rating Increased to Buy at Goldman Sachs Group

Veeco Instruments (NASDAQ:VECO) was upgraded by Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports.

Other research analysts also recently issued research reports about the company. Northland Securities reiterated a “buy” rating and set a $20.00 target price on shares of Veeco Instruments in a report on Friday, May 29th. Zacks Investment Research raised Veeco Instruments from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Saturday, August 8th. BidaskClub downgraded Veeco Instruments from a “sell” rating to a “strong sell” rating in a report on Friday. Finally, Oppenheimer restated a “buy” rating and set a $20.00 target price on shares of Veeco Instruments in a report on Tuesday, August 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Veeco Instruments currently has a consensus rating of “Buy” and a consensus target price of $18.20.

Veeco Instruments stock traded down $0.03 during mid-day trading on Tuesday, reaching $11.00. 417,410 shares of the company traded hands, compared to its average volume of 522,288. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.22 and a quick ratio of 3.15. Veeco Instruments has a 52-week low of $7.42 and a 52-week high of $19.21. The firm has a market capitalization of $545.81 million, a price-to-earnings ratio of -9.82 and a beta of 1.20. The firm’s 50 day moving average price is $12.63 and its 200 day moving average price is $11.97.

Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, August 3rd. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. Veeco Instruments had a negative net margin of 12.58% and a positive return on equity of 2.66%. The firm had revenue of $98.60 million for the quarter, compared to analyst estimates of $97.83 million. During the same quarter in the previous year, the firm posted ($0.06) EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, sell-side analysts anticipate that Veeco Instruments will post 0.49 EPS for the current year.

A number of hedge funds have recently bought and sold shares of VECO. First Trust Advisors LP boosted its holdings in Veeco Instruments by 4.3% in the first quarter. First Trust Advisors LP now owns 46,775 shares of the semiconductor company’s stock worth $507,000 after acquiring an additional 1,945 shares in the last quarter. Comerica Bank boosted its stake in Veeco Instruments by 3.0% in the 1st quarter. Comerica Bank now owns 47,435 shares of the semiconductor company’s stock worth $475,000 after purchasing an additional 1,380 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Veeco Instruments during the 1st quarter valued at about $100,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Veeco Instruments during the 1st quarter valued at about $169,000. Finally, Rhumbline Advisers increased its stake in Veeco Instruments by 8.0% during the 1st quarter. Rhumbline Advisers now owns 180,989 shares of the semiconductor company’s stock valued at $1,732,000 after purchasing an additional 13,349 shares in the last quarter. 93.58% of the stock is owned by 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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Analyst Recommendations for Veeco Instruments (NASDAQ:VECO)

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