Granite Point Capital Management L.P. increased its stake in shares of Nuance Communications, Inc. (NASDAQ:NUAN) by 37.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,400 shares of the software maker’s stock after acquiring an additional 9,400 shares during the quarter. Granite Point Capital Management L.P.’s holdings in Nuance Communications were worth $541,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Ameriprise Financial Inc. grew its position in Nuance Communications by 15.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 17,620,101 shares of the software maker’s stock worth $306,763,000 after purchasing an additional 2,383,671 shares during the last quarter. Pictet Asset Management Ltd. grew its position in Nuance Communications by 29.4% during the 3rd quarter. Pictet Asset Management Ltd. now owns 5,390,900 shares of the software maker’s stock worth $84,746,000 after purchasing an additional 1,224,085 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Nuance Communications during the 3rd quarter worth $18,864,000. Sirios Capital Management L P grew its position in Nuance Communications by 30.9% during the 3rd quarter. Sirios Capital Management L P now owns 5,015,098 shares of the software maker’s stock worth $78,838,000 after purchasing an additional 1,183,013 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Nuance Communications by 4,461.1% during the 2nd quarter. American Century Companies Inc. now owns 1,058,903 shares of the software maker’s stock worth $18,436,000 after purchasing an additional 1,035,687 shares during the last quarter. Hedge funds and other institutional investors own 85.56% of the company’s stock.
Several analysts have recently weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $23.00 target price (down previously from $26.00) on shares of Nuance Communications in a report on Thursday, August 10th. Raymond James Financial lowered their target price on shares of Nuance Communications from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 9th. Canaccord Genuity lowered their target price on shares of Nuance Communications from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, August 9th. Zacks Investment Research raised shares of Nuance Communications from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Tuesday. Finally, Deutsche Bank lowered their target price 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Nuance Communications presently has a consensus rating of “Buy” and a consensus target price of $20.50.
Shares of Nuance Communications, Inc. (NUAN) opened at $15.49 on Thursday. The company has a market cap of $4,371.59, a PE ratio of 18.83, a P/E/G ratio of 1.55 and a beta of 0.60. Nuance Communications, Inc. has a fifty-two week low of $14.02 and a fifty-two week high of $19.93. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 1.16.
Nuance Communications (NASDAQ:NUAN) last released its quarterly earnings data on Tuesday, November 28th. The software maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. The firm had revenue of $474.70 million for the quarter, compared to the consensus estimate of $457.09 million. Nuance Communications had a negative net margin of 7.75% and a positive return on equity of 12.15%. The firm’s revenue was down 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. analysts forecast that Nuance Communications, Inc. will post 0.81 EPS for the current year.
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Nuance Communications Profile
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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