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.

Wall Street Analyst Weigh In

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

Veeco Instruments Price Performance

Shares of NASDAQ VECO opened at $26.25 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.54 and a quick ratio of 2.41. The business has a 50-day moving average of $27.72 and a 200-day moving average of $33.02. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 19.44 and a beta of 1.15. Veeco Instruments has a fifty-two week low of $25.52 and a fifty-two week high of $49.25.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. As a group, sell-side analysts predict that Veeco Instruments will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Veeco Instruments

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were 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 of the company’s stock, valued at approximately $2,297,671.14. This represents a 3.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by company insiders.

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.