Veeco Instruments (VECO) is Initiated by Pacific Crest to Overweight, Price Target at $23

Veeco Instruments (VECO) was Initiated by Pacific Crest to “Overweight” and the brokerage firm has set the Price Target at $23. Pacific Crest advised their investors in a research report released on May 13, 2016.

Many Wall Street Analysts have commented on Veeco Instruments. Shares were Reiterated by The Benchmark Company on May 5, 2016 to “Buy” and Lowered the Price Target to $ 23 from a previous price target of $28.50 .Shares were Reiterated by Deutsche Bank on Feb 23, 2016 to “Hold” and Lowered the Price Target to $ 16 from a previous price target of $18 .

On the company’s financial health, Veeco Instruments reported $-0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on May 4, 2016. Analyst had a consensus of $-0.29. The company had revenue of $78.00 million for the quarter, compared to analysts expectations of $76.17 million. The company’s revenue was down -20.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.01 EPS.

Veeco Instruments closed down -0.33 points or -1.94% at $16.65 with 3,87,413 shares getting traded on Tuesday. Post opening the session at $17.11, the shares hit an intraday low of $16.395 and an intraday high of $17.11 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Dec 9, 2015, William John Miller (EVP Process Equipment) sold 1,210 shares at $19.60 per share price. According to the SEC, on Jun 10, 2015, John R Peeler (Chairman & CEO) sold 44,418 shares at $30.87 per share price. On Jun 2, 2015, Roger D Mcdaniel (director) sold 2,232 shares at $30.57 per share price, according to the Form-4 filing with the securities and exchange commission.

Veeco Instruments Inc. (Veeco) designs manufactures and markets thin film equipment. The Company’s equipment is primarily sold to make electronic devices including light emitting diodes (LED) power electronics wireless devices hard disk drives and semiconductors. The Company sells its products and services worldwide primarily through various sales and service facilities in the United States Europe and Asia Pacific. The Company’s systems including its deposition and etch tools are used in the creation of a range of microelectronic components including light-emitting diode (LED) power semiconductors thin film magnetic heads (TFMHs) and compound semiconductor devices. The Company offers Metal Organic Chemical Vapor Deposition Systems Molecular Beam Epitaxy Systems Fast Array Scanning Atomic Layer Deposition Systems Precision Surface Processing Systems Ion Beam Deposition Systems Ion Beam Etch Systems and Other Data Storage Products.

Veeco Instruments

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