Veeco (VECO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Veeco (NASDAQ:VECO) from a hold rating to a strong-buy rating in a research report report published on Saturday. Zacks Investment Research currently has $19.00 price target on the semiconductor company’s stock.

According to Zacks, “Veeco Instruments Inc. is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. Veeco’s process equipment solutions enable the manufacture of LEDs, power electronics, hard drives, MEMS and wireless chips. They are the market leader in MOCVD, MBE, Ion Beam and other advanced thin film process technologies. The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Company’s System products include Metal Organic Chemical Vapor Deposition Systems, Precision Surface Processing Systems, Ion Beam Etch and Deposition Systems, Molecular Beam Epitaxy Systems, and Other Deposition and Industrial Products. The Company’s original name Veeco stood for Vacuum Electronic Equipment Company. “

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VECO has been the subject of a number of other research reports. TheStreet raised Veeco from a d+ rating to a c rating in a report on Monday, March 12th. Northland Securities began coverage on Veeco in a report on Thursday, April 19th. They issued an outperform rating for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $27.29.

Veeco traded up $0.05, reaching $16.15, during midday trading on Friday, Marketbeat reports. The company’s stock had a trading volume of 508,594 shares, compared to its average volume of 596,787. Veeco has a fifty-two week low of $10.85 and a fifty-two week high of $33.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.13 and a current ratio of 2.80. The company has a market cap of $810.72 million, a P/E ratio of -807.50 and a beta of 0.58.

Veeco (NASDAQ:VECO) last released its earnings results on Monday, May 7th. The semiconductor company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.14. Veeco had a positive return on equity of 0.51% and a negative net margin of 11.24%. The company had revenue of $158.57 million during the quarter, compared to the consensus estimate of $151.62 million. During the same quarter last year, the company earned $0.09 earnings per share. Veeco’s quarterly revenue was up 67.8% compared to the same quarter last year. sell-side analysts predict that Veeco will post 0.32 EPS for the current year.

Several large investors have recently added to or reduced their stakes in VECO. Millennium Management LLC acquired a new position in shares of Veeco during the 4th quarter worth $154,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Veeco during the 4th quarter worth $205,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Veeco during the 1st quarter worth $219,000. Crossmark Global Holdings Inc. acquired a new position in shares of Veeco during the 4th quarter worth $229,000. Finally, Aperio Group LLC raised its stake in shares of Veeco by 64.2% during the 4th quarter. Aperio Group LLC now owns 16,712 shares of the semiconductor company’s stock worth $248,000 after buying an additional 6,533 shares during the last quarter. 99.81% of the stock is owned by institutional investors and hedge funds.

Veeco Company Profile

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor process equipment worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam etch and deposition systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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