Veeco Instruments (NASDAQ:VECO) Issues Q3 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.39-0.49 for the period, compared to the consensus estimate of $0.46. The company issued revenue guidance of $170-190 million, compared to the consensus revenue estimate of $181.88 million. Veeco Instruments also updated its Q3 2024 guidance to 0.390-0.490 EPS.

Analyst Ratings Changes

A number of research firms have commented on VECO. Northland Securities reduced their target price on Veeco Instruments from $53.00 to $47.00 and set an outperform rating for the company in a report on Wednesday. Oppenheimer lifted their price objective on Veeco Instruments from $45.00 to $55.00 and gave the stock an outperform rating in a report on Thursday, June 27th. Citigroup cut shares of Veeco Instruments from a buy rating to a neutral rating and upped their target price for the company from $45.00 to $50.00 in a research note on Monday, July 15th. Barclays boosted their price objective 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. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $55.00 target price on shares of Veeco Instruments in a research report on Wednesday. Four investment 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 currently has an average rating of Moderate Buy and a consensus target price of $45.57.

Veeco Instruments Stock Performance

Shares of NASDAQ:VECO traded up $0.21 during trading on Friday, hitting $36.06. The company’s stock had a trading volume of 111,340 shares, compared to its average volume of 627,189. The company has a 50-day moving average of $43.49 and a 200-day moving average of $38.39. 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 firm has a market cap of $2.04 billion, a price-to-earnings ratio of -79.66 and a beta of 1.22. Veeco Instruments has a 12 month low of $23.63 and a 12 month high of $49.25.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01). Veeco Instruments had a return on equity of 12.24% and a net margin of 11.83%. The business had revenue of $175.88 million during the quarter, compared to the consensus estimate of $176.03 million. During the same quarter in the previous year, the business posted $0.21 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that Veeco Instruments will post 1.31 earnings per share for the current year.

Insider Activity at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.46, for a total transaction of $121,150.00. Following the transaction, the chief financial officer now directly owns 94,809 shares of the company’s stock, valued at approximately $4,594,444.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO John P. Kiernan sold 2,500 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $48.46, for a total transaction of $121,150.00. Following the sale, the chief financial officer now directly owns 94,809 shares in the company, valued at approximately $4,594,444.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis Thomas St sold 4,000 shares of Veeco Instruments stock in a transaction on Monday, May 13th. The shares were sold at an average price of $37.72, for a total transaction of $150,880.00. Following the transaction, the director now owns 51,861 shares in the company, valued at approximately $1,956,196.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,000 shares of company stock worth $380,505. Corporate insiders own 2.40% of the company’s stock.

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.