Nuance Communications (NUAN) Receives “Buy” Rating from Canaccord Genuity
Nuance Communications (NASDAQ:NUAN)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity in a research note issued on Monday. They currently have a $21.00 price target on the software maker’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 23.46% from the stock’s current price.
The analysts wrote, “We take three constructive takeaways from this morning’s announcement: (1) fundamentals are healthy, perhaps marginally improving in certain segments, and growth should continue to inflect as the model transition matures, (2) the firm is being aggressive in its efforts to realign around growth markets, carving auto out into a separate reportable segment and making leadership changes in the struggling CSP segment, and (3) CEO succession plans are on track, and as planned all along, we should get a more formal update ahead of the March 31 transition date. In terms of the stock, our view is unchanged: with a series of no-drama, improving growth quarters, we think it’s quite likely that NUAN can retest and break through recent highs in the low $20s. Longer term, as organic growth that we suspect can sustain mid- to high-single digits is gradually reflected in the model, we think it’s possible that NUAN could see a bit of multiple expansion.””
Other research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Nuance Communications from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Tuesday, December 5th. Oppenheimer reaffirmed a “buy” rating and issued a $23.00 price target on shares of Nuance Communications in a report on Wednesday, November 29th. Morgan Stanley reaffirmed a “buy” rating and issued a $18.00 price target on shares of Nuance Communications in a report on Wednesday, November 22nd. TheStreet raised shares of Nuance Communications from a “d+” rating to a “c-” rating in a report on Wednesday, January 17th. Finally, BidaskClub raised shares of Nuance Communications from a “sell” rating to a “hold” rating in a report on Friday, December 15th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.50.
Nuance Communications (NASDAQ:NUAN) last issued its quarterly earnings data on Tuesday, November 28th. The software maker reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.05. The firm had revenue of $474.70 million during the quarter, compared to analyst estimates of $457.09 million. Nuance Communications had a positive return on equity of 12.15% and a negative net margin of 7.75%. The business’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. sell-side analysts forecast that Nuance Communications will post 0.81 earnings per share for the current fiscal year.
In other Nuance Communications news, EVP Kenneth M. Siegel sold 4,682 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $14.40, for a total value of $67,420.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.67% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Moors & Cabot Inc. lifted its stake in Nuance Communications by 1.3% in the second quarter. Moors & Cabot Inc. now owns 11,215 shares of the software maker’s stock worth $193,000 after purchasing an additional 140 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Nuance Communications by 1.0% in the second quarter. D.A. Davidson & CO. now owns 50,279 shares of the software maker’s stock worth $875,000 after purchasing an additional 474 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Nuance Communications by 8.6% in the second quarter. The Manufacturers Life Insurance Company now owns 10,234 shares of the software maker’s stock worth $178,000 after purchasing an additional 809 shares during the last quarter. Comerica Bank lifted its stake in Nuance Communications by 10.2% in the second quarter. Comerica Bank now owns 13,864 shares of the software maker’s stock worth $242,000 after purchasing an additional 1,283 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Nuance Communications by 40.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 14,993 shares of the software maker’s stock worth $236,000 after purchasing an additional 4,300 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.
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Nuance Communications Company 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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