Veeco Instruments (NASDAQ:VECO) Issues Earnings Results, Misses Expectations By $0.01 EPS

Veeco Instruments (NASDAQ:VECO) issued its quarterly earnings data on Tuesday. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01), Briefing.com reports. Veeco Instruments had a positive return on equity of 11.97% and a negative net margin of 2.51%. The company had revenue of $175.88 million for the quarter, compared to analyst estimates of $176.03 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. Veeco Instruments updated its Q3 guidance to $0.39-0.49 EPS and its Q3 2024 guidance to 0.390-0.490 EPS.

Veeco Instruments Stock Down 6.0 %

NASDAQ VECO traded down $2.09 during midday trading on Wednesday, hitting $33.03. 936,985 shares of the company traded hands, compared to its average volume of 623,352. The company’s 50-day simple moving average is $43.76 and its 200-day simple moving average is $38.45. Veeco Instruments has a 52 week low of $23.63 and a 52 week high of $49.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.05 and a quick ratio of 2.02. The company has a market cap of $1.87 billion, a PE ratio of -73.18 and a beta of 1.22.

Insider Activity at Veeco Instruments

In related news, CEO William John Miller sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.19, for a total value of $1,145,700.00. Following the transaction, the chief executive officer now directly owns 515,091 shares in the company, valued at $19,671,325.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William John Miller sold 30,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.19, for a total transaction of $1,145,700.00. Following the completion of the transaction, the chief executive officer now directly owns 515,091 shares of the company’s stock, valued at approximately $19,671,325.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $43.39, for a total transaction of $108,475.00. Following the transaction, the chief financial officer now owns 2,167 shares of the company’s stock, valued at approximately $94,026.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,000 shares of company stock worth $1,526,205. 2.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on VECO. Barclays lifted their price target on shares of Veeco Instruments from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, May 8th. Citigroup lowered Veeco Instruments from a “buy” rating to a “neutral” rating and raised their target price for the company from $45.00 to $50.00 in a report on Monday, July 15th. The Goldman Sachs Group increased their price objective on Veeco Instruments from $35.00 to $39.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Veeco Instruments in a research report on Wednesday. Finally, Oppenheimer increased their target price on shares of Veeco Instruments from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, June 27th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Veeco Instruments presently has an average rating of “Moderate Buy” and a consensus price target of $45.86.

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.