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

Veeco Instruments (NASDAQ:VECO) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.070-1.260 for the period, compared to the consensus earnings per share 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 Analysts Forecast Growth

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

Veeco Instruments Trading Up 2.0 %

Shares of VECO stock opened at $26.78 on Thursday. The company has a market cap of $1.52 billion, a PE ratio of 19.84 and a beta of 1.15. 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 stock’s 50 day simple moving average is $27.67 and its two-hundred day simple moving average is $32.88. Veeco Instruments has a 1 year low of $25.52 and a 1 year high of $49.25.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data 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 business had revenue of $184.80 million for the quarter, compared to analysts’ expectations of $180.57 million. Veeco Instruments had a net margin of 11.34% and a return on equity of 10.92%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share. Research analysts predict that Veeco Instruments will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO John P. Kiernan sold 2,500 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $27.63, for a total transaction of $69,075.00. Following the completion of the transaction, the chief financial officer now owns 75,142 shares in the company, valued at $2,076,173.46. The trade was a 3.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

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.