Veeco Instruments (NASDAQ:VECO) Releases Q2 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its second quarter earnings guidance on Tuesday. 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.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Veeco Instruments from $31.00 to $35.00 and gave the stock a neutral rating in a research note on Thursday, February 15th. Barclays increased their price objective on shares of Veeco Instruments from $33.00 to $35.00 and gave the stock an equal weight rating in a research note on Wednesday. Benchmark increased their price objective on shares of Veeco Instruments from $34.00 to $40.00 and gave the stock a buy rating in a research note on Thursday, February 15th. Citigroup increased their price objective on shares of Veeco Instruments from $36.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Finally, Needham & Company LLC increased their price objective on shares of Veeco Instruments from $43.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $38.43.

Veeco Instruments Price Performance

Shares of NASDAQ:VECO traded up $1.80 during midday trading on Wednesday, hitting $39.29. The company’s stock had a trading volume of 977,900 shares, compared to its average volume of 527,748. The business’s 50 day simple moving average is $35.25 and its 200 day simple moving average is $31.86. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.15 and a current ratio of 3.24. The company has a market cap of $2.21 billion, a P/E ratio of -61.68 and a beta of 1.18. Veeco Instruments has a 12-month low of $19.05 and a 12-month high of $40.30.

Veeco Instruments (NASDAQ:VECO) last issued its earnings results 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 company had revenue of $173.92 million for the quarter, compared to the consensus estimate of $170.00 million. On average, analysts forecast that Veeco Instruments will post 1.39 EPS for the current year.

Insiders Place Their Bets

In other Veeco Instruments news, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments 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 transaction, the senior vice president now directly owns 67,278 shares of the company’s stock, valued at $2,294,179.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Adrian Devasahayam sold 5,000 shares of Veeco Instruments stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $34.10, for a total value of $170,500.00. Following the completion of the transaction, the senior vice president now owns 67,278 shares in the company, valued at $2,294,179.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $35.30, for a total transaction of $854,295.30. Following the completion of the transaction, 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.

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.