Trade Report: The Veeco Instruments Inc. (VECO) Rating Reiterated by Needham & Company LLC

The Veeco Instruments Inc. (VECO) Rating Reiterated by Needham & Company LLC

Veeco Instruments Inc. (NASDAQ:VECO)‘s stock had its “hold” rating restated by research analysts at Needham & Company LLC in a research report issued on Friday.

A number of other brokerages have also commented on VECO. Benchmark Co. lifted their price target on shares of Veeco Instruments from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Deutsche Bank AG raised shares of Veeco Instruments from a “hold” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $22.00 in a report on Tuesday, August 2nd. Finally, Zacks Investment Research downgraded shares of Veeco Instruments from a “buy” rating to a “hold” rating in a report on Saturday, July 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $23.40.

Shares of Veeco Instruments (NASDAQ:VECO) traded up 0.23% during trading on Friday, hitting $21.94. 257,916 shares of the stock were exchanged. The stock’s market cap is $891.60 million. The firm has a 50 day moving average of $19.82 and a 200-day moving average of $18.40. Veeco Instruments has a 52-week low of $15.26 and a 52-week high of $22.09.

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

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Veeco Instruments by 1.5% in the second quarter. Vanguard Group Inc. now owns 3,197,162 shares of the company’s stock valued at $52,945,000 after buying an additional 46,902 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Veeco Instruments by 3.1% in the second quarter. BlackRock Fund Advisors now owns 2,597,441 shares of the company’s stock valued at $43,014,000 after buying an additional 77,473 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Veeco Instruments by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,892,382 shares of the company’s stock valued at $31,337,000 after buying an additional 263,766 shares during the last quarter. First Pacific Advisors LLC boosted its stake in Veeco Instruments by 8.4% in the second quarter. First Pacific Advisors LLC now owns 1,886,986 shares of the company’s stock valued at $31,248,000 after buying an additional 146,166 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Veeco Instruments by 18.6% in the first quarter. Renaissance Technologies LLC now owns 1,290,500 shares of the company’s stock valued at $25,139,000 after buying an additional 202,140 shares during the last quarter. 94.95% of the stock is currently owned by institutional investors and hedge funds.

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