Veeco Instruments (NASDAQ:VECO) Updates Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.36-$0.44 for the period, compared to the consensus estimate of $0.40. The company issued revenue guidance of $175-$185 million, compared to the consensus revenue estimate of $176.08 million. Veeco Instruments also updated its FY 2024 guidance to 1.070-1.260 EPS.

Veeco Instruments Price Performance

NASDAQ VECO opened at $26.13 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.41 and a current ratio of 3.54. The business’s fifty day moving average is $27.72 and its 200 day moving average is $33.02. The company has a market capitalization of $1.48 billion, a PE ratio of 19.36 and a beta of 1.15. Veeco Instruments has a fifty-two week low of $25.52 and a fifty-two week high of $49.25.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Wednesday, November 6th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. Veeco Instruments had a net margin of 11.34% and a return on equity of 10.92%. The company had revenue of $184.80 million during the quarter, compared to analyst estimates of $180.57 million. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. Sell-side analysts predict that Veeco Instruments will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on VECO. The Goldman Sachs Group decreased their price target on Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Citigroup raised shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Monday, January 6th. StockNews.com raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Oppenheimer cut their target price on shares of Veeco Instruments from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Benchmark decreased their price target on shares of Veeco Instruments from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Veeco Instruments has an average rating of “Moderate Buy” and an average price target of $39.71.

Insider Activity at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $27.63, for a total value of $69,075.00. Following the completion of the transaction, the chief financial officer now owns 75,142 shares in the company, valued at approximately $2,076,173.46. The trade was a 3.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.40% of the stock is owned by insiders.

About Veeco Instruments

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.