Veeco Instruments Receives “Buy” Rating from Benchmark

Benchmark has reiterated its “buy” rating for Veeco Instruments, a semiconductor company, with a target price of $32.00. This suggests a potential upside of 19.09% from the current stock price. Other equities research analysts have also recently commented on Veeco Instruments. Oppenheimer raised their target price to $33.00 and gave the stock an “outperform” rating. The Goldman Sachs Group raised their target price to $28.00 and gave the company a “neutral” rating. Northland Securities increased their price objective to $37.00. Needham & Company initiated coverage on the stock and gave it a “buy” rating with a $35.00 price target. Barclays raised their target price to $28.00 and gave the company an “equal weight” rating. Overall, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.57.

Shares of Veeco Instruments traded at $26.87 on Friday, with 269,984 shares traded. The stock has a 50-day moving average of $27.89 and a 200-day moving average of $23.97. Veeco Instruments has a market cap of $1.51 billion and a beta of 1.26. The company reported earnings per share of $0.21 for the quarter, beating analysts’ estimates of $0.20. The company had revenue of $161.64 million for the quarter, surpassing analyst estimates of $157.50 million.

In terms of insider activity, Director Mary Jane Raymond sold 1,500 shares, while SVP Susan Wilkerson sold 1,546 shares. Over the last 90 days, insiders have sold a total of 7,717 shares of company stock. Institutional investors and hedge funds also modified their holdings, with Fort Sheridan Advisors LLC, Point72 Middle East FZE, Tower Research Capital LLC TRC, Harel Insurance Investments & Financial Services Ltd., and Castleview Partners LLC all making new purchases.

Veeco Instruments, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment worldwide. The company offers various deposition systems and packaging lithography equipment. With positive ratings and a strong financial performance, Veeco Instruments may be a stock worth considering for investors.

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