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

Veeco Instruments (NASDAQ:VECO) issued its quarterly earnings results on Tuesday. The semiconductor company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01), Briefing.com reports. The business had revenue of $175.88 million during the quarter, compared to analyst estimates of $176.03 million. Veeco Instruments had a negative net margin of 2.51% and a positive return on equity of 11.97%. The company’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 earnings per share. 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 6.1 %

Shares of VECO stock traded down $2.15 during trading hours on Wednesday, hitting $32.97. 925,510 shares of the company were exchanged, compared to its average volume of 622,788. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.02 and a current ratio of 3.05. Veeco Instruments has a one year low of $23.63 and a one year high of $49.25. The business’s 50-day simple moving average is $43.76 and its two-hundred day simple moving average is $38.45. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -73.16 and a beta of 1.22.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays boosted their price target on Veeco Instruments from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, May 8th. The Goldman Sachs Group increased their price target on Veeco Instruments from $35.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Oppenheimer increased their price target on Veeco Instruments from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Veeco Instruments in a research report on Wednesday. Finally, Citigroup cut shares of Veeco Instruments from a “buy” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $50.00 in a research report on Monday, July 15th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $44.43.

Insider Transactions at Veeco Instruments

In other news, CEO William John Miller sold 30,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $38.19, for a total transaction of $1,145,700.00. Following the transaction, the chief executive officer now owns 515,091 shares of the company’s stock, valued at $19,671,325.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William John Miller sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $38.19, for a total transaction of $1,145,700.00. Following the completion of the sale, the chief executive officer now directly owns 515,091 shares in the company, valued at $19,671,325.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dennis Thomas St sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $37.72, for a total transaction of $150,880.00. Following the sale, the director now owns 51,861 shares of the company’s stock, valued at $1,956,196.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,000 shares of company stock valued at $1,526,205. 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.