Teamwork Financial Advisors LLC Makes New Investment in Veeco Instruments Inc. (NASDAQ:VECO)

Teamwork Financial Advisors LLC purchased a new position in Veeco Instruments Inc. (NASDAQ:VECO) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,800 shares of the semiconductor company’s stock, valued at approximately $292,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Creative Planning increased its position in Veeco Instruments by 47.4% during the 3rd quarter. Creative Planning now owns 28,001 shares of the semiconductor company’s stock valued at $928,000 after purchasing an additional 9,008 shares during the period. GAMMA Investing LLC lifted its stake in shares of Veeco Instruments by 116.2% during the third quarter. GAMMA Investing LLC now owns 3,626 shares of the semiconductor company’s stock worth $120,000 after buying an additional 1,949 shares during the period. Algert Global LLC boosted its position in Veeco Instruments by 21.7% in the second quarter. Algert Global LLC now owns 31,886 shares of the semiconductor company’s stock valued at $1,489,000 after buying an additional 5,676 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in Veeco Instruments by 119.3% in the second quarter. Driehaus Capital Management LLC now owns 1,458,288 shares of the semiconductor company’s stock valued at $68,117,000 after purchasing an additional 793,429 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in Veeco Instruments by 1.7% during the second quarter. Cubist Systematic Strategies LLC now owns 118,733 shares of the semiconductor company’s stock valued at $5,546,000 after buying an additional 1,984 shares during the period. 98.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

VECO has been the subject of several recent analyst reports. Benchmark reissued a “buy” rating and issued a $42.00 price target on shares of Veeco Instruments in a report on Wednesday, August 7th. StockNews.com upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on shares of Veeco Instruments from $39.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Citigroup cut Veeco Instruments from a “buy” rating to a “neutral” rating and raised their target price for the company from $45.00 to $50.00 in a report on Monday, July 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Veeco Instruments in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.57.

Veeco Instruments Price Performance

Shares of NASDAQ VECO opened at $30.48 on Friday. The stock’s 50-day simple moving average is $33.33 and its 200-day simple moving average is $38.03. Veeco Instruments Inc. has a fifty-two week low of $23.63 and a fifty-two week high of $49.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.32 and a current ratio of 3.52. The firm has a market capitalization of $1.73 billion, a PE ratio of -67.73 and a beta of 1.16.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Veeco Instruments had a net margin of 11.83% and a return on equity of 12.03%. The business had revenue of $175.88 million during the quarter, compared to analyst estimates of $176.03 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts forecast that Veeco Instruments Inc. will post 1.2 EPS for the current fiscal year.

Insider Transactions at Veeco Instruments

In other news, CFO John P. Kiernan sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $29.04, for a total value of $72,600.00. Following the completion of the sale, the chief financial officer now directly owns 85,142 shares of the company’s stock, valued at $2,472,523.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.