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Veeco Instruments CEO sells over $850k in company stock

Published 03/22/2024, 04:33 PM
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Veeco (NASDAQ:VECO) Instruments Inc. (NASDAQ:VECO) CEO William John Miller has sold a total of 24,201 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on March 21, 2024, amounted to over $850,000 at an average weighted price of $35.304 per share. The price range for these shares was between $35.00 and $35.585, as detailed in the filing's footnotes.

The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling stocks at a time when they are not in possession of nonpublic information. This plan had been adopted by Miller on August 23, 2023.

Following the transaction, CEO William John Miller still owns a significant amount of Veeco Instruments stock, with 545,091 shares remaining in his possession. The company, headquartered in Plainview, New York, is known for its specialization in manufacturing equipment for the semiconductor industry.

Veeco Instruments has not released any statements regarding this sale, and the SEC filing did not indicate any specific reason for the CEO's decision to sell the shares. Investors often monitor insider sales as they may offer insights into executives' perspectives on the company's future performance, although such transactions are not always indicative of future stock movement.

The details of the transaction are publicly available and can be found in the SEC Form 4 filing. Interested parties have the opportunity to request further information about the sale, including the specific number of shares sold at each price point.

InvestingPro Insights

Veeco Instruments Inc. (NASDAQ:VECO) CEO's recent sale of shares might have investors curious about the company's financial health and future prospects. According to InvestingPro data, Veeco has a market capitalization of $1.99 billion and is trading at a P/E ratio of 23.97, which adjusts to a higher 37.39 when considering the last twelve months as of Q4 2023. This could indicate investor confidence in the company's earnings potential despite the recent insider sale. Moreover, the company's revenue has seen a growth of 3.14% over the last twelve months, with a more robust quarterly growth rate of 13.09% in Q4 2023.

One of the InvestingPro Tips highlights that analysts predict Veeco will be profitable this year, which aligns with the company's recent revenue growth trends. Additionally, the company's share price has experienced a significant uptick, with a six-month total return of 33.04% and a one-year total return of 71.66%, suggesting a strong market performance. However, it is worth noting that Veeco is currently trading near its 52-week high, at 93.22% of that peak, according to the latest available data.

For investors looking to delve deeper into Veeco Instruments' financials and performance metrics, there are 12 additional InvestingPro Tips available that could provide further insights. These include observations on net income growth, analyst earnings revisions, and the company's debt levels. To access these valuable tips and make more informed investment decisions, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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