John P. Kiernan, Senior Vice President and Chief Financial Officer at Veeco Instruments Inc. (NASDAQ:VECO), recently sold 2,500 shares of the company's common stock. The sale, which took place on December 10, 2024, was executed at a price of $28.80 per share, amounting to a total transaction value of $72,000. According to InvestingPro data, Veeco maintains strong financial health with liquid assets exceeding short-term obligations by 3.5x and operates with moderate debt levels.
Following this transaction, Kiernan holds 77,642 shares indirectly through a family trust and 4,667 shares directly. This stock sale is part of his ongoing financial activities as a senior executive at the company, which specializes in special industry machinery. The stock has experienced a significant decline of about 34% over the past six months, though InvestingPro analysis suggests the company is currently undervalued. For deeper insights, investors can access comprehensive analysis and 8 additional ProTips through the detailed Pro Research Report available on InvestingPro.
In other recent news, Veeco Instruments reported robust Q3 2024 earnings with revenues of $185 million and non-GAAP earnings per share (EPS) of $0.46. The company's semiconductor segment saw a significant increase, mainly due to substantial orders from a leading foundry. Veeco anticipates steady growth in the semiconductor sector, despite some market challenges. The company has narrowed its 2024 revenue guidance to $700 million to $720 million and anticipates diluted non-GAAP EPS between $1.68 and $1.78.
Veeco Instruments has also announced that it expects minimal impact from new U.S. export regulations on its business in China. The company conducted a preliminary review of these new regulations and does not foresee a material impact on its operations. However, Needham has adjusted its price target for Veeco Instruments to $35, maintaining a Buy rating. This adjustment reflects the firm's revised revenue estimates for Veeco in 2025, forecasting a 6% revenue decline, mainly due to anticipated downturns in the Data Storage sector. These are recent developments in the company's financial trajectory.
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