Veeco (VECO) Receives a Rating Update from a Top Analyst

In a report released today, Gus Richard from Northland Securities reiterated a Buy rating on Veeco (VECO – Research Report), with a price target of $44.00. The company’s shares closed yesterday at $37.49.

According to TipRanks, Richard is a top 100 analyst with an average return of 21.9% and a 59.63% success rate. Richard covers the Technology sector, focusing on stocks such as Ceva, Intel, and PDF Solutions.

In addition to Northland Securities, Veeco also received a Buy from Needham’s Charles Shi in a report issued today. However, on the same day, Barclays maintained a Hold rating on Veeco (NASDAQ: VECO).

Based on Veeco’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $173.92 million and a net profit of $21.64 million. In comparison, last year the company earned a revenue of $153.8 million and had a net profit of $128.92 million

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VECO in relation to earlier this year.

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Veeco (VECO) Company Description:

Veeco Instruments, Inc. engages in the development, manufacture, sale and support of semiconductor process equipment. Its technologies consists of metal organic chemical vapor deposition, advanced packaging lithography, wet etch and clean, laser annealing, ion beam, molecular beam epitaxy, wafer inspection, and atomic layer deposition systems. The company was founded in 1989 and is headquartered in Plainview, NY.