The stock of Veeco Instruments Inc. (NASDAQ:VECO) hit a new 52-week high and has $26.94 target or 4.00% above today’s $25.90 share price. The 7 months bullish chart indicates low risk for the $1.06B company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $26.94 price target is reached, the company will be worth $42.40 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 69,575 shares traded hands. Veeco Instruments Inc. (NASDAQ:VECO) has risen 35.52% since April 20, 2016 and is uptrending. It has outperformed by 30.97% the S&P500.
Veeco Instruments Inc. (NASDAQ:VECO) Ratings Coverage
Out of 10 analysts covering Veeco Instruments (NASDAQ:VECO), 6 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 60% are positive. Veeco Instruments has been the topic of 17 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating by Deutsche Bank given on Wednesday, October 14. The rating was upgraded by Deutsche Bank on Tuesday, August 2 to “Buy”. The rating was maintained by KeyBanc Capital Markets on Thursday, October 6 with “Overweight”. Summit Research upgraded Veeco Instruments Inc. (NASDAQ:VECO) rating on Monday, April 4. Summit Research has “Hold” rating and $23 price target. Summit Research upgraded the stock to “Hold” rating in Friday, December 11 report. The stock of Veeco Instruments Inc. (NASDAQ:VECO) earned “Overweight” rating by Pacific Crest on Friday, May 13. Benchmark maintained the stock with “Buy” rating in Monday, September 12 report. The firm earned “Buy” rating on Thursday, October 29 by Benchmark. The stock of Veeco Instruments Inc. (NASDAQ:VECO) has “Neutral” rating given on Thursday, October 29 by JP Morgan. The stock has “Buy” rating given by UBS on Thursday, October 6.
According to Zacks Investment Research, “VEECO INSTRUMENTS INC. (DE) designs, manufactures, markets and services a broad line of precision beam etching and surface measurement systems used in the manufacture of microelectronic products. It sells its products worldwide to many of the leading semiconductor and data storage manufacturers. In addition, it sells its products to companies in the flat panel display and high frequency device industries, as well as to other industries, research and development centers and universities.”
Insitutional Activity: The institutional sentiment increased to 2.35 in 2016 Q2. Its up 1.26, from 1.09 in 2016Q1. The ratio increased, as 16 funds sold all Veeco Instruments Inc. shares owned while 40 reduced positions. 11 funds bought stakes while 50 increased positions. They now own 38.19 million shares or 0.68% more from 37.93 million shares in 2016Q1.
Pub Sector Pension Board owns 28,081 shares or 0.01% of their US portfolio. Sei Communication owns 3,012 shares or 0% of their US portfolio. Invesco Limited holds 0% or 334,792 shares in its portfolio. Da Davidson And holds 316 shares or 0% of its portfolio. D E Shaw has 237,055 shares for 0.01% of their US portfolio. Bessemer Group Incorporated accumulated 136 shares or 0% of the stock. Voya Invest Mgmt Ltd Liability Company holds 0.03% or 835,328 shares in its portfolio. Creative Planning, a Kansas-based fund reported 950 shares. The California-based First Pacific Advsrs Ltd Liability has invested 0.26% in Veeco Instruments Inc. (NASDAQ:VECO). Arizona State Retirement System last reported 0% of its portfolio in the stock. Pnc Fincl Grp holds 0% of its portfolio in Veeco Instruments Inc. (NASDAQ:VECO) for 396 shares. Eagle Asset Mngmt Inc holds 0.27% or 2.37 million shares in its portfolio. Brown Brothers Harriman & Commerce accumulated 280 shares or 0% of the stock. Teachers Advsr Inc accumulated 0% or 62,359 shares. Ls Invest Advsr Lc reported 1,352 shares or 0% of all its holdings.
More important recent Veeco Instruments Inc. (NASDAQ:VECO) news were published by: Fool.com which released: “Veeco Instruments, Inc. Stock Jumps on Second-Quarter Results” on August 02, 2016, also Fool.com published article titled: “Why Veeco Instruments Inc. Stock Has Been on a Roller Coaster”, Fool.com published: “Veeco Instruments Inc. Tumbles on Weak Outlook” on October 29, 2015. More interesting news about Veeco Instruments Inc. (NASDAQ:VECO) was released by: Newsday.com and their article: “Veeco Instruments to move 18 LI manufacturing jobs to NJ” with publication date: July 18, 2016.
VECO Company Profile
Veeco Instruments Inc., incorporated on August 8, 1989, designs, makes, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors. The Firm operates in four geographic regions: United States; China; Europe, the Middle East and Africa, and the Rest of World.
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