Nuance Communications (NASDAQ:NUAN) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Nuance Communications (NASDAQ:NUAN) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $19.00 price objective on the software maker’s stock.
According to Zacks, “Nuance Communications, Inc. is the leading provider of speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with information and how they create, share and use documents. “
A number of other brokerages also recently issued reports on NUAN. Wedbush reaffirmed a buy rating and issued a $22.00 price objective on shares of Nuance Communications in a research report on Wednesday, July 24th. ValuEngine downgraded shares of Nuance Communications from a buy rating to a hold rating in a research report on Friday, June 21st. Finally, BidaskClub raised shares of Nuance Communications from a strong sell rating to a sell rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $19.33.
Nuance Communications (NASDAQ:NUAN) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $460.20 million for the quarter, compared to the consensus estimate of $455.93 million. Nuance Communications had a net margin of 3.88% and a return on equity of 13.93%. Equities analysts expect that Nuance Communications will post 0.82 earnings per share for the current fiscal year.
In other news, EVP Thomas L. Beaudoin sold 8,301 shares of Nuance Communications stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $17.05, for a total value of $141,532.05. Following the transaction, the executive vice president now owns 293,294 shares of the company’s stock, valued at approximately $5,000,662.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark D. Benjamin sold 45,396 shares of Nuance Communications stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $17.40, for a total transaction of $789,890.40. Following the completion of the transaction, the chief executive officer now directly owns 629,430 shares in the company, valued at approximately $10,952,082. The disclosure for this sale can be found here. In the last ninety days, insiders sold 123,789 shares of company stock worth $2,115,587. Insiders own 0.68% of the company’s stock.
Several institutional investors have recently modified their holdings of NUAN. Formula Growth Ltd. grew its position in Nuance Communications by 1.6% during the 1st quarter. Formula Growth Ltd. now owns 1,611,000 shares of the software maker’s stock worth $27,274,000 after purchasing an additional 25,000 shares during the last quarter. Arden Trust Co purchased a new stake in Nuance Communications during the 2nd quarter worth approximately $465,000. Bank of Montreal Can grew its position in Nuance Communications by 1.2% during the 1st quarter. Bank of Montreal Can now owns 872,514 shares of the software maker’s stock worth $14,771,000 after purchasing an additional 10,400 shares during the last quarter. Virginia Retirement Systems ET AL grew its position in Nuance Communications by 7.3% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 14,700 shares of the software maker’s stock worth $235,000 after purchasing an additional 1,000 shares during the last quarter. Finally, FIL Ltd grew its position in Nuance Communications by 2.9% during the 1st quarter. FIL Ltd now owns 9,191,377 shares of the software maker’s stock worth $155,610,000 after purchasing an additional 262,083 shares during the last quarter. 88.13% of the stock is currently owned by hedge funds and other institutional investors.
About Nuance Communications
Nuance Communications, Inc provides voice recognition and natural language understanding solutions worldwide. It operates through five segments: Healthcare, Automotive, Enterprise, Imaging, and Other. The Healthcare segment offers clinical speech and clinical language understanding solutions, such as Dragon Medical, a dictation software that allow physicians to capture and document patient care in real-time; transcription solutions, which enable physicians to streamline clinical documentation with a transcription platforms; clinical document improvement and coding solutions; diagnostic solutions that allow radiologists to document, collaborate, and share medical images and reports; and professional and personal productivity solutions to business users and consumers.
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