Benchmark Co. Believes VECO Won’t Stop Here

By Carrie Williams

Benchmark Co. analyst Mark Miller reiterated a Buy rating on Veeco (NASDAQ: VECO) today and set a price target of $25. The company’s shares closed yesterday at $21.25, close to its 52-week high of $22.41.

According to TipRanks.com, Miller is a 3-star analyst with an average return of 1.9% and a 52.9% success rate. Miller covers the Technology sector, focusing on stocks such as Hutchinson Technology Inc, Rofin-Sinar Technologies, and Axcelis Technologies.

Veeco has an analyst consensus of Moderate Buy, with a price target consensus of $23.75.

The company has a one year high of $22.41 and a one year low of $15.26. Currently, Veeco has an average volume of 287K.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VECO in relation to earlier this year. Most recently, in June 2016, John Peeler, the Chairman & CEO of VECO bought 45,000 shares for a total of $556,200.

Veeco Instruments, Inc. designs, manufactures and markets equipment for light emitting diodes (LEDs) and hard disk drives, as well as concentrator photovoltaics, power semiconductors, wireless components and micro-electromechanical systems (MEMS). The company was founded in 1989 and is headquartered in Plainview, NY.