Veeco Instruments (NASDAQ:VECO) Releases Q2 2024 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.380-0.480 for the period, compared to the consensus estimate of 0.430. The company issued revenue guidance of $165.0 million-$185.0 million, compared to the consensus revenue estimate of $174.9 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Benchmark raised 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. Citigroup raised 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. The Goldman Sachs Group raised their price target on Veeco Instruments from $31.00 to $35.00 and gave the stock a neutral rating in a research note on Thursday, February 15th. Finally, Barclays raised their price target on Veeco Instruments from $28.00 to $33.00 and gave the stock an equal weight rating in a research note on Tuesday, January 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $36.57.

Veeco Instruments Stock Performance

VECO opened at $37.49 on Wednesday. The firm has a market capitalization of $2.11 billion, a P/E ratio of -57.68 and a beta of 1.18. The stock’s 50 day moving average price is $35.25 and its two-hundred day moving average price is $31.86. 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 has a 12-month low of $18.35 and a 12-month high of $38.92.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. The company 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, equities analysts forecast that Veeco Instruments will post 1.39 earnings per share for the current year.

Insider Activity at Veeco Instruments

In related news, SVP Adrian Devasahayam sold 5,000 shares of the business’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 approximately $2,294,179.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP Adrian Devasahayam sold 5,000 shares of the business’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 owns 67,278 shares in the company, valued at $2,294,179.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William John Miller sold 24,201 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were 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 owns 545,091 shares of the company’s stock, valued at approximately $19,241,712.30. The disclosure for this sale can be found here. 2.20% 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.