Veeco Instruments (NASDAQ:VECO) Issues FY 2024 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.070-1.260 for the period, compared to the consensus EPS estimate of 1.210. The company issued revenue guidance of -. Veeco Instruments also updated its Q4 guidance to $0.36-$0.44 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup upgraded shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Monday, January 6th. The Goldman Sachs Group cut their target price on Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. StockNews.com raised Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Oppenheimer cut their price objective on Veeco Instruments from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Finally, Benchmark decreased their price objective on shares of Veeco Instruments from $42.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Veeco Instruments has an average rating of “Moderate Buy” and an average target price of $39.71.

Veeco Instruments Price Performance

Shares of NASDAQ VECO opened at $26.13 on Tuesday. The company has a current ratio of 3.54, a quick ratio of 2.41 and a debt-to-equity ratio of 0.33. The firm’s 50-day moving average price is $27.72 and its 200-day moving average price is $33.02. The firm has a market capitalization of $1.48 billion, a P/E ratio of 19.36 and a beta of 1.15. Veeco Instruments has a 1-year low of $25.52 and a 1-year high of $49.25.

Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $184.80 million during the quarter, compared to the consensus estimate of $180.57 million. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 earnings per share. Equities research analysts anticipate that Veeco Instruments will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction on Monday, November 11th. The stock was sold at an average price of $28.67, for a total transaction of $71,675.00. Following the sale, the chief financial officer now directly owns 80,142 shares in the company, valued at approximately $2,297,671.14. This trade represents a 3.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.40% of the company’s stock.

Veeco Instruments Company Profile

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.