Algert Global LLC Acquires 5,676 Shares of Veeco Instruments Inc. (NASDAQ:VECO)

Algert Global LLC lifted its holdings in shares of Veeco Instruments Inc. (NASDAQ:VECO) by 21.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,886 shares of the semiconductor company’s stock after purchasing an additional 5,676 shares during the period. Algert Global LLC owned 0.06% of Veeco Instruments worth $1,489,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in VECO. GAMMA Investing LLC boosted its holdings in shares of Veeco Instruments by 237.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,677 shares of the semiconductor company’s stock worth $78,000 after buying an additional 1,180 shares in the last quarter. Montag A & Associates Inc. bought a new stake in Veeco Instruments in the first quarter valued at $99,000. nVerses Capital LLC raised its holdings in shares of Veeco Instruments by 733.3% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the semiconductor company’s stock valued at $117,000 after purchasing an additional 2,200 shares during the period. Ausbil Investment Management Ltd acquired a new stake in shares of Veeco Instruments in the 2nd quarter valued at about $200,000. Finally, Foundry Partners LLC bought a new position in Veeco Instruments in the first quarter worth approximately $203,000. Institutional investors and hedge funds own 98.46% of the company’s stock.

Veeco Instruments Price Performance

Shares of Veeco Instruments stock opened at $32.30 on Friday. The firm has a market capitalization of $1.83 billion, a PE ratio of -71.78 and a beta of 1.17. Veeco Instruments Inc. has a 12 month low of $23.63 and a 12 month high of $49.25. The business’s 50-day moving average price is $34.56 and its 200-day moving average price is $38.27. The company has a current ratio of 3.52, a quick ratio of 2.32 and a debt-to-equity ratio of 0.35.

Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Veeco Instruments had a net margin of 11.83% and a return on equity of 12.03%. The company had revenue of $175.88 million for the quarter, compared to the consensus estimate of $176.03 million. During the same period last year, the business posted $0.21 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Sell-side analysts forecast that Veeco Instruments Inc. will post 1.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup lowered shares of Veeco Instruments from a “buy” rating to a “neutral” rating and boosted their price target for the company from $45.00 to $50.00 in a research note on Monday, July 15th. Northland Securities lowered their target price on shares of Veeco Instruments from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Benchmark restated a “buy” rating and issued a $42.00 target price on shares of Veeco Instruments in a report on Wednesday, August 7th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Veeco Instruments in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group reduced their target price on shares of Veeco Instruments from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.57.

Insider Buying and Selling at Veeco Instruments

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $29.04, for a total transaction of $72,600.00. Following the completion of the transaction, the chief financial officer now owns 85,142 shares of the company’s stock, valued at approximately $2,472,523.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently 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.