Veeco Instruments (NASDAQ:VECO) Releases Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.38-0.48 for the period, compared to the consensus estimate of $0.43. The company issued revenue guidance of $165-185 million, compared to the consensus revenue estimate of $175.22 million.

Veeco Instruments Trading Down 0.9 %

Shares of NASDAQ:VECO traded down $0.33 during midday trading on Friday, hitting $37.74. 93,333 shares of the stock were exchanged, compared to its average volume of 524,885. The business’s 50-day moving average price is $35.38 and its 200 day moving average price is $31.96. Veeco Instruments has a 12 month low of $20.44 and a 12 month high of $40.30. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -58.57 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.15 and a current ratio of 3.24.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Barclays upped their target price on Veeco Instruments from $33.00 to $35.00 and gave the stock an equal weight rating in a research report on Wednesday. The Goldman Sachs Group upped their price objective on Veeco Instruments from $35.00 to $39.00 and gave the company a neutral rating in a research note on Thursday. Citigroup increased 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. Benchmark increased 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. Finally, Needham & Company LLC increased their price objective on Veeco Instruments from $43.00 to $46.00 and gave the stock a buy rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $39.00.

Insider Buying and Selling

In related news, CEO William John Miller sold 24,201 shares of the business’s stock in a transaction that occurred 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 owns 545,091 shares in the company, valued at approximately $19,241,712.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Veeco Instruments news, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction that occurred 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 transaction, the senior vice president now directly 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO William John Miller sold 24,201 shares of Veeco Instruments stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 545,091 shares in the company, valued at $19,241,712.30. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate 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.