Veeco Instruments (NASDAQ:VECO) Updates 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.

Wall Street Analysts Forecast Growth

VECO has been the subject of a number of research analyst reports. Benchmark upped their target price on Veeco Instruments from $34.00 to $40.00 and gave the company a buy rating in a research report on Thursday, February 15th. Barclays boosted their target price on Veeco Instruments from $28.00 to $33.00 and gave the company an equal weight rating in a report on Tuesday, January 16th. Citigroup increased their price target on 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 boosted their price objective on shares of Veeco Instruments from $31.00 to $35.00 and gave the company a neutral rating in a research note on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $36.57.

Veeco Instruments Stock Performance

Veeco Instruments stock remained flat at $37.49 during midday trading on Tuesday. The company’s stock had a trading volume of 1,359,934 shares, compared to its average volume of 520,985. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of -58.69 and a beta of 1.18. Veeco Instruments has a 12 month low of $18.35 and a 12 month high of $38.93. The company’s fifty day simple moving average is $35.21 and its 200 day simple moving average is $31.78. The company has a quick ratio of 2.15, a current ratio of 3.24 and a debt-to-equity ratio of 0.41.

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

Insider Activity at Veeco Instruments

In other Veeco Instruments 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 value of $170,500.00. Following the sale, the senior vice president now owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction 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 of the company’s stock, valued at approximately $19,241,712.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adrian Devasahayam sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $34.10, for a total transaction of $170,500.00. Following the completion of the transaction, the senior vice president now directly owns 67,278 shares in the company, valued at approximately $2,294,179.80. 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.