Veeco Instruments (NASDAQ:VECO) Issues Q2 Earnings Guidance

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

Veeco Instruments Stock Down 0.9 %

Shares of VECO traded down $0.33 during trading on Friday, reaching $37.74. The company’s stock had a trading volume of 93,333 shares, compared to its average volume of 524,885. The company has a quick ratio of 2.15, a current ratio of 3.24 and a debt-to-equity ratio of 0.41. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -58.57 and a beta of 1.18. Veeco Instruments has a twelve month low of $20.44 and a twelve month high of $40.30. The company has a fifty day moving average of $35.38 and a two-hundred day moving average of $31.96.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.09. The business had revenue of $173.92 million for the quarter, compared to analyst estimates of $170.00 million. Veeco Instruments had a positive return on equity of 11.10% and a negative net margin of 4.56%. On average, sell-side analysts predict that Veeco Instruments will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on VECO shares. Needham & Company LLC upped their price objective on Veeco Instruments from $43.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday. Citigroup increased their price target on Veeco Instruments from $36.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Benchmark increased their price target on Veeco Instruments from $34.00 to $40.00 and gave the stock a buy rating in a research note on Thursday, February 15th. The Goldman Sachs Group raised their target price on Veeco Instruments from $35.00 to $39.00 and gave the company a neutral rating in a research note on Thursday. Finally, Barclays raised their target price on Veeco Instruments from $33.00 to $35.00 and gave the company an equal weight rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $39.00.

Insider Activity

In other news, SVP Adrian Devasahayam sold 5,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total transaction of $170,500.00. Following the completion of the sale, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Adrian Devasahayam sold 5,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $34.10, for a total transaction of $170,500.00. Following the completion of the sale, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William John Miller sold 24,201 shares of the stock in a transaction dated 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 of the company’s stock, valued at $19,241,712.30. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.

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.