Veeco Instruments (NASDAQ:VECO) Issues Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.38-0.48 for the period, compared to the consensus earnings per share estimate of $0.43. The company issued revenue guidance of $165-185 million, compared to the consensus revenue estimate of $175.22 million.

Analyst Upgrades and Downgrades

VECO has been the subject of a number of recent research reports. Barclays increased their price objective on shares of Veeco Instruments from $33.00 to $35.00 and gave the company an equal weight rating in a research note on Wednesday. Benchmark lifted their price objective on Veeco Instruments from $34.00 to $40.00 and gave the company a buy rating in a report on Thursday, February 15th. Needham & Company LLC lifted their price objective on Veeco Instruments from $43.00 to $46.00 and gave the company a buy rating in a report on Wednesday. Citigroup upped their target price on shares of Veeco Instruments from $36.00 to $43.00 and gave the stock a buy rating in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group lifted their price target on shares of Veeco Instruments from $35.00 to $39.00 and gave the company a neutral rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeco Instruments has an average rating of Moderate Buy and an average target price of $39.00.

Veeco Instruments Stock Performance

VECO traded down $0.93 during trading hours on Thursday, reaching $38.36. The company’s stock had a trading volume of 302,325 shares, compared to its average volume of 525,392. Veeco Instruments has a 52 week low of $20.42 and a 52 week high of $40.30. The company’s 50-day moving average is $35.34 and its 200-day moving average is $31.91. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.15 and a current ratio of 3.24. The firm has a market cap of $2.16 billion, a PE ratio of -59.02 and a beta of 1.18.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. Veeco Instruments had a positive return on equity of 11.10% and a negative net margin of 4.56%. The firm had revenue of $173.92 million for the quarter, compared to analysts’ expectations of $170.00 million. On average, equities analysts forecast that Veeco Instruments will post 1.39 EPS for the current year.

Insider Activity

In related news, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total value of $170,500.00. Following the transaction, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Veeco Instruments news, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total value of $854,295.30. Following the completion of the sale, the chief executive officer now directly owns 545,091 shares in the company, valued at $19,241,712.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Adrian Devasahayam sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $34.10, for a total value of $170,500.00. Following the sale, the senior vice president now owns 67,278 shares of the company’s stock, valued at approximately $2,294,179.80. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

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 in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. 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, advanced packaging lithography, atomic layer deposition, and other deposition systems.