Trade Report: The Needham & Company LLC Reaffirms “Hold” Rating for Veeco Instruments Inc. (VECO)

The Needham & Company LLC Reaffirms “Hold” Rating for Veeco Instruments Inc. (VECO)

Needham & Company LLC reissued their hold rating on shares of Veeco Instruments Inc. (NASDAQ:VECO) in a research note released on Friday.

Several other analysts also recently weighed in on the company. Benchmark Co. lifted their target price on Veeco Instruments from $21.00 to $23.00 and gave the stock a buy rating in a research report on Monday, September 12th. Deutsche Bank AG upgraded Veeco Instruments from a hold rating to a buy rating and lifted their target price for the stock from $16.00 to $22.00 in a research report on Tuesday, August 2nd. Finally, Zacks Investment Research downgraded Veeco Instruments from a buy rating to a hold rating in a research report on Saturday, July 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $24.00.

Veeco Instruments (NASDAQ:VECO) opened at 21.40 on Friday. The company’s market capitalization is $869.65 million. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.41. The company’s 50 day moving average is $19.94 and its 200-day moving average is $18.47.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company earned $75.30 million during the quarter, compared to the consensus estimate of $76.30 million. Veeco Instruments had a negative return on equity of 2.37% and a negative net margin of 13.00%. Veeco Instruments’s revenue was down 42.7% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. Equities analysts anticipate that Veeco Instruments will post ($0.50) EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC purchased a new position in shares of Veeco Instruments during the second quarter valued at approximately $129,000. BlackRock Inc. raised its position in Veeco Instruments by 254.3% in the second quarter. BlackRock Inc. now owns 10,502 shares of the company’s stock valued at $174,000 after buying an additional 7,538 shares during the period. Quantitative Systematic Strategies LLC bought a new position in Veeco Instruments during the second quarter valued at about $186,000. BNP Paribas Arbitrage SA raised its position in Veeco Instruments by 106.8% in the second quarter. BNP Paribas Arbitrage SA now owns 12,435 shares of the company’s stock valued at $206,000 after buying an additional 6,421 shares during the period. Finally, Springbok Capital Management LLC raised its position in Veeco Instruments by 64.0% in the first quarter. Springbok Capital Management LLC now owns 10,985 shares of the company’s stock valued at $214,000 after buying an additional 4,285 shares during the period. Hedge funds and other institutional investors own 94.95% of the company’s stock.

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