Veeco Instruments (NASDAQ:VECO) Stock Upgrade
Veeco Instruments (NASDAQ:VECO) shares were lifted by Summit Research to a “Hold” rating in an analyst note shared with investors and clients on Friday, 11 December.
From a total of 12 analysts covering Veeco Instruments (NASDAQ:VECO) stock, 5 rate it a ”Buy”, 1 a “Sell”, and 8 a ”Hold”. This means that 36% of the ratings are positive. The highest target price is $41 while the lowest target price is $14. The mean of all analyst targets is $23.29 with a 21.26% above today’s ($21.03) stock price. Veeco Instruments was the topic of 6 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Benchmark maintained shares on October 29 with “Buy” rating. Deutsche Bank maintained VECO stock in a recent report from October 14 with “Hold” rating.
Approximately 127,528 shares of stock traded hands. Veeco Instruments Inc. (NASDAQ:VECO) has declined 33.06% since May 8, 2015 and is downtrending. It has underperformed by 30.04% the S&P500.
The overall sentiment of institutions has increased to 1.04 in Q2 2015. Its up 0.15, from 0.89 in 2015Q2. The ratio improved, as 27 institutions have sold all the shares of Veeco Instruments Inc. that they owned while 42 funds have taken shares off the table. 22 funds have purchased shares for the first time while 50 added to their positions. These institutions now hold 36.85 million shares or 5.79% less than the 39.11 million shares they owned in 2015Q2.
The Fund Tinicum Inc currently is holding shares equating to 1.83% of its total portfolio in Veeco Instruments Inc. representing a total of 184,555 shares. Another fund,Broadview Advisors Llc, is holding a total of 469,775 shares equating to 1.34% of their holdings. Additionally, Quentec Asset Management Llc has a 135,801 share stake in Veeco Instruments Inc. which represents 0.48% of their total portfolio. The Fund, Hood River Capital Management Llc, based out of Oregon, has also built up a stake in the stock, which represents a total of 0.38% of their total portfolio. Finally Eagle Asset Management Inc, a fund which is based in the state of Florida reported a total holdings of 2.55 million shares.
Insider activity is a very important aspect to track on any stock. Going back to June 2, 2015, shareholders of Veeco Instruments Inc. have witnessed 0 buys, and a total of 1 insider sale equating to a net activity of approximately $68,258 . Miller William John sold 2,227 shares worth approximately $68,258. Peeler John R sold 44,418 shares worth approximately $1.37 million. Mcdaniel Roger D sold 2,232 shares worth approximately $68,232.
Veeco Instruments Inc. designs, makes, and markets thin film equipment. The company has a market cap of $856.42 million. The Company’s equipment is primarily sold to make electronic devices including light emitting diodes (LED), power electronics, wireless devices, hard disk drives, and semiconductors. It currently has negative earnings. The Firm sells its services and products worldwide primarily through various sales and service facilities in the United States, Europe, and Asia Pacific.
According to Zacks Investment Research, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities.” Get a free copy of the Zacks research report on Veeco Instruments Inc. (VECO).