Veeco Instruments CFO sells shares worth over $108,000 By Investing.com

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Veeco (NASDAQ:) Instruments Inc.’s (NASDAQ:VECO) Chief Financial Officer, John P. Kiernan, has recently sold a total of 2,500 shares of the company’s common stock. The transaction, conducted on June 10, 2024, resulted in a total sale value exceeding $108,000. The shares were sold at an average price of $43.3896, with individual sale prices ranging from $42.22 to $43.82.

The sale was carried out in accordance with a pre-arranged trading plan under Rule 10b5-1, which Kiernan had adopted on February 29, 2024. Such plans allow company insiders to set up a predetermined schedule for buying or selling shares at a time when they are not in possession of material non-public information, thus avoiding potential accusations of insider trading.

Following the transaction, Kiernan still retains a significant stake in the company. Directly after the sale, he owns 2,167 shares of common stock. Additionally, he has an indirect ownership interest through a family trust, which holds 95,142 shares.

Investors often monitor the buying and selling activities of company insiders as they may provide insights into the insiders’ confidence in the company’s future prospects. However, it is also common for executives to sell shares for reasons that may not necessarily reflect their outlook on the company, such as diversifying their investment portfolio or meeting personal financial objectives.

Veeco Instruments specializes in manufacturing equipment for the production of semiconductors, LEDs, and other electronic devices. The company is incorporated in Delaware and is headquartered in Plainview, New York.

In other recent news, Veeco Instruments Inc. has been the subject of several analyst upgrades, following strong earnings and revenue results. Oppenheimer raised its price target for Veeco to $45, maintaining an Outperform rating on the stock. The firm is optimistic about Veeco’s growth, particularly in laser spike annealing (LSA), nanoimprint systems (NSA), and ion beam deposition/etching (IBD/E) technologies. Full-year 2024 revenue is projected to increase by 5-10%, with forecasts for the first and second halves of 2024 set at $350 million and $360 million, respectively.

In addition, Needham increased its price target for Veeco from $43.00 to $46.00, following a strong quarter that exceeded expectations. The firm reiterated its Buy recommendation, emphasizing Veeco’s successful track record and promising prospects. Similarly, Benchmark raised its price target for Veeco to $42.00, up from the previous target of $40.00, following strong financial results and the expectation of continued positive performance in the second quarter of 2024.

These are recent developments that reflect the market’s confidence in Veeco’s growth prospects, underpinned by the strong demand for Veeco’s semiconductor technology and solid financial guidance.

InvestingPro Insights

Veeco Instruments Inc. (NASDAQ:VECO) has shown remarkable performance in the stock market with strong returns over various time frames. According to the latest data from InvestingPro, the company has experienced a one-week price total return of 8.93% and an impressive one-year price total return of 75.17%. This indicates robust investor confidence and a potentially bullish outlook for the stock, which aligns with recent insider trading activity.

InvestingPro Tips suggest that Veeco’s net income is expected to grow this year, which could be a driving factor behind the positive market sentiment. Additionally, three analysts have revised their earnings upwards for the upcoming period, further bolstering expectations for the company’s financial performance.

From a valuation perspective, Veeco’s P/E ratio, based on the last twelve months as of Q1 2024, stands at 37.35, which is significantly lower than the unadjusted P/E of -140.32. This adjusted P/E ratio may reflect the market’s anticipation of future earnings growth. Moreover, the company’s revenue growth for the same period is a healthy 6.87%, showcasing its ability to increase its top-line figures.

For readers interested in a deeper dive into Veeco’s financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/VECO. These tips provide valuable insights that could help investors make informed decisions. Furthermore, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access exclusive content and analysis on InvestingPro.

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