Granite Point Capital Management L.P. Cuts Position in Nuance Communications, Inc. (NUAN)
Granite Point Capital Management L.P. reduced its stake in Nuance Communications, Inc. (NASDAQ:NUAN) by 53.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the software maker’s stock after selling 29,000 shares during the quarter. Granite Point Capital Management L.P.’s holdings in Nuance Communications were worth $435,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its position in Nuance Communications by 19.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 6,800 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,100 shares in the last quarter. Commonwealth Bank of Australia lifted its position in Nuance Communications by 29.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 7,000 shares of the software maker’s stock valued at $121,000 after acquiring an additional 1,600 shares in the last quarter. Ledyard National Bank lifted its position in Nuance Communications by 4.8% in the 2nd quarter. Ledyard National Bank now owns 7,160 shares of the software maker’s stock valued at $125,000 after acquiring an additional 330 shares in the last quarter. World Asset Management Inc bought a new stake in Nuance Communications in the 1st quarter valued at $180,000. Finally, Westover Capital Advisors LLC bought a new stake in Nuance Communications in the 1st quarter valued at $185,000. 84.34% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on NUAN. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $23.00 price objective (down from $26.00) on shares of Nuance Communications in a research report on Thursday, August 10th. Raymond James Financial, Inc. cut their price objective on shares of Nuance Communications from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 9th. BidaskClub cut shares of Nuance Communications from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $18.00 price target (down from $19.00) on shares of Nuance Communications in a research note on Tuesday, July 25th. Finally, Zacks Investment Research lowered shares of Nuance Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Nuance Communications currently has a consensus rating of “Hold” and a consensus target price of $20.11.
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Nuance Communications, Inc. (NASDAQ:NUAN) traded down 0.643% on Thursday, hitting $16.225. 227,777 shares of the stock traded hands. The firm’s market capitalization is $4.68 billion. Nuance Communications, Inc. has a 52 week low of $13.44 and a 52 week high of $19.93. The stock has a 50 day moving average of $16.33 and a 200 day moving average of $17.37.
Nuance Communications (NASDAQ:NUAN) last released its quarterly earnings data on Tuesday, August 8th. The software maker reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.09). Nuance Communications had a negative net margin of 3.38% and a positive return on equity of 14.73%. The business had revenue of $495.60 million during the quarter, compared to the consensus estimate of $495.57 million. During the same period last year, the business posted $0.38 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Nuance Communications, Inc. will post $1.00 earnings per share for the current year.
In other Nuance Communications news, insider Daniel David Tempesta sold 7,500 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $17.36, for a total value of $130,200.00. Following the transaction, the insider now directly owns 270,810 shares of the company’s stock, valued at $4,701,261.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 21,500 shares of company stock worth $364,785 over the last ninety days. Insiders own 1.67% of the company’s stock.
About Nuance Communications
Nuance Communications, Inc is a provider of voice recognition and natural language understanding solutions. The Company’s segments include Healthcare, Mobile, Enterprise and Imaging. The Healthcare segment provides clinical speech and clinical language understanding solutions. The solutions for the Healthcare segment include transcription solutions, Dragon Medical, and clinical document improvement (CDI) and coding solutions.
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