12th Street Asset Management Company LLC reduced its position in shares of Nuance Communications Inc. (NASDAQ:NUAN) by 12.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,034,396 shares of the software maker’s stock after selling 290,084 shares during the quarter. Nuance Communications accounts for about 8.4% of 12th Street Asset Management Company LLC’s investment portfolio, making the stock its biggest holding. 12th Street Asset Management Company LLC’s holdings in Nuance Communications were worth $35,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently bought and sold shares of the company. State of Alaska Department of Revenue grew its holdings in shares of Nuance Communications by 39.2% in the second quarter. State of Alaska Department of Revenue now owns 32,220 shares of the software maker’s stock valued at $447,000 after purchasing an additional 9,070 shares in the last quarter. Daiwa SB Investments Ltd. grew its holdings in shares of Nuance Communications by 88.0% in the second quarter. Daiwa SB Investments Ltd. now owns 346,747 shares of the software maker’s stock valued at $4,815,000 after purchasing an additional 162,292 shares in the last quarter. Atria Investments LLC grew its holdings in shares of Nuance Communications by 18.8% in the second quarter. Atria Investments LLC now owns 41,040 shares of the software maker’s stock valued at $570,000 after purchasing an additional 6,500 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Nuance Communications by 8.2% in the second quarter. Bank of Montreal Can now owns 899,712 shares of the software maker’s stock valued at $12,492,000 after purchasing an additional 68,274 shares in the last quarter. Finally, Reliance Trust Co. of Delaware grew its holdings in shares of Nuance Communications by 20.8% in the second quarter. Reliance Trust Co. of Delaware now owns 28,374 shares of the software maker’s stock valued at $394,000 after purchasing an additional 4,894 shares in the last quarter. 88.21% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Nuance Communications in a report on Thursday, October 18th. They issued an “outperform” rating and a $22.00 price objective for the company. ValuEngine upgraded shares of Nuance Communications from a “hold” rating to a “buy” rating in a report on Tuesday, October 16th. Zacks Investment Research cut shares of Nuance Communications from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. BidaskClub upgraded shares of Nuance Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 3rd. Finally, Standpoint Research cut shares of Nuance Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $19.88.
Shares of Nuance Communications stock opened at $17.75 on Friday. Nuance Communications Inc. has a 52-week low of $12.18 and a 52-week high of $18.75. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $4.94 billion, a P/E ratio of 29.58, a PEG ratio of 1.65 and a beta of 0.80.
Nuance Communications (NASDAQ:NUAN) last issued its quarterly earnings results on Wednesday, August 8th. The software maker reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27. Nuance Communications had a negative net margin of 9.55% and a positive return on equity of 9.67%. The company had revenue of $502.89 million during the quarter, compared to the consensus estimate of $495.53 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Nuance Communications Inc. will post 0.74 EPS for the current fiscal year.
Nuance Communications announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the software maker to buy up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, EVP Robert Weideman sold 28,675 shares of Nuance Communications stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $17.24, for a total value of $494,357.00. Following the completion of the transaction, the executive vice president now owns 346,088 shares in the company, valued at $5,966,557.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel David Tempesta sold 7,500 shares of Nuance Communications stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $16.41, for a total transaction of $123,075.00. Following the completion of the transaction, the insider now owns 347,863 shares of the company’s stock, valued at approximately $5,708,431.83. The disclosure for this sale can be found here. Insiders sold 89,700 shares of company stock valued at $1,526,658 in the last quarter. 1.67% of the stock is owned by insiders.
Nuance Communications Company Profile
Nuance Communications, Inc provides voice recognition and natural language understanding solutions worldwide. It operates through four segments: Healthcare, Mobile, Enterprise, and Imaging. The Healthcare segment offers transcription solutions, which enable physicians to streamline clinical documentation with medical transcription platform; Dragon Medical, a dictation software that empowers physicians to capture and document patient care on various devices; clinical document improvement and coding solutions that ensure patient health information; 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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