Veeco Instruments (NASDAQ:VECO – Get Free Report) 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 Analyst Weigh In
Several research firms have recently weighed in on VECO. Barclays lifted their price objective on Veeco Instruments from $33.00 to $35.00 and gave the company an equal weight rating in a research note on Wednesday. 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. Needham & Company LLC upped their price target on shares of Veeco Instruments from $43.00 to $46.00 and gave the stock a buy rating in a research report on Wednesday. Benchmark raised their target price on Veeco Instruments from $34.00 to $40.00 and gave the company a buy rating in a research report on Thursday, February 15th. Finally, The Goldman Sachs Group upped their price target on shares of Veeco Instruments from $35.00 to $39.00 and gave the stock a neutral rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $39.00.
Get Our Latest Analysis on Veeco Instruments
Veeco Instruments Stock Down 3.1 %
Veeco Instruments (NASDAQ:VECO – Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The semiconductor company reported $0.40 earnings per share (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 during the quarter, compared to analysts’ expectations of $170.00 million. Sell-side analysts anticipate that Veeco Instruments will post 1.39 earnings per share for the current year.
Insider Activity at Veeco Instruments
In related news, CEO William John Miller sold 24,201 shares of the stock in a transaction 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 directly owns 545,091 shares of the company’s stock, valued at approximately $19,241,712.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO William John Miller sold 24,201 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $35.30, for a total transaction of $854,295.30. Following the completion of the sale, the chief executive officer now directly owns 545,091 shares of the company’s stock, valued at approximately $19,241,712.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Adrian Devasahayam sold 5,000 shares of the 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 owns 67,278 shares of the company’s stock, valued at approximately $2,294,179.80. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate 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.
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