Morgan Stanley Upgrades Nuance Communications, Inc. (NUAN) to “Overweight”
Morgan Stanley upgraded shares of Nuance Communications, Inc. (NASDAQ:NUAN) from an equal weight rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. Morgan Stanley currently has $18.00 target price on the software maker’s stock.
Other equities analysts also recently issued research reports about the stock. Deutsche Bank AG cut their price target on shares of Nuance Communications from $25.00 to $23.00 and set a buy rating on the stock in a report on Wednesday, August 9th. Canaccord Genuity dropped their price objective on shares of Nuance Communications from $22.00 to $21.00 and set a buy rating on the stock in a research note on Wednesday, August 9th. Zacks Investment Research raised shares of Nuance Communications from a strong sell rating to a hold rating in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $23.00 price objective (down previously from $26.00) on shares of Nuance Communications in a research note on Thursday, August 10th. Finally, Barclays PLC dropped their price objective on shares of Nuance Communications from $22.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $20.38.
Nuance Communications (NASDAQ:NUAN) opened at $15.31 on Thursday. Nuance Communications has a fifty-two week low of $13.44 and a fifty-two week high of $19.93. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $4,418.46, a P/E ratio of 15.62, a P/E/G ratio of 1.79 and a beta of 0.58.
Nuance Communications (NASDAQ:NUAN) last issued its quarterly earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.09). Nuance Communications had a positive return on equity of 14.73% and a negative net margin of 3.38%. The business had revenue of $495.60 million during the quarter, compared to analyst estimates of $495.57 million. During the same quarter last year, the company posted $0.38 EPS. Nuance Communications’s quarterly revenue was up 2.2% compared to the same quarter last year. analysts expect that Nuance Communications will post 0.6 earnings per share for the current year.
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In other Nuance Communications news, EVP Kenneth M. Siegel sold 4,682 shares of the firm’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $16.00, for a total value of $74,912.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel David Tempesta sold 6,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $15.58, for a total value of $101,270.00. Following the completion of the transaction, the insider now owns 258,188 shares in the company, valued at approximately $4,022,569.04. The disclosure for this sale can be found here. Insiders sold a total of 17,682 shares of company stock worth $280,117 in the last 90 days. 1.67% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC purchased a new position in shares of Nuance Communications during the 2nd quarter worth $103,000. Commonwealth Bank of Australia raised its holdings in shares of Nuance Communications by 29.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 7,000 shares of the software maker’s stock worth $121,000 after acquiring an additional 1,600 shares during the period. Ledyard National Bank raised its holdings in shares of Nuance Communications by 4.8% during the 2nd quarter. Ledyard National Bank now owns 7,160 shares of the software maker’s stock worth $125,000 after acquiring an additional 330 shares during the period. Exane Derivatives raised its holdings in shares of Nuance Communications by 250.3% during the 3rd quarter. Exane Derivatives now owns 8,274 shares of the software maker’s stock worth $130,000 after acquiring an additional 5,912 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Nuance Communications by 23.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the software maker’s stock worth $146,000 after acquiring an additional 1,600 shares during the period. Institutional investors own 85.55% 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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