Wedge Capital Management L L P NC trimmed its holdings in shares of Nuance Communications Inc. (NASDAQ:NUAN) by 9.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,415 shares of the software maker’s stock after selling 3,850 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Nuance Communications were worth $631,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. TRUE Private Wealth Advisors purchased a new position in Nuance Communications during the third quarter valued at approximately $106,000. Icon Wealth Partners LLC purchased a new position in Nuance Communications during the second quarter valued at approximately $116,000. Global X Management Co LLC purchased a new position in Nuance Communications during the second quarter valued at approximately $184,000. First Hawaiian Bank purchased a new position in Nuance Communications during the third quarter valued at approximately $196,000. Finally, Engineers Gate Manager LP purchased a new position in Nuance Communications during the second quarter valued at approximately $199,000. 88.21% of the stock is currently owned by institutional investors.
In other Nuance Communications news, insider Daniel David Tempesta sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $16.41, for a total value of $123,075.00. Following the completion of the sale, the insider now directly owns 347,863 shares in the company, valued at $5,708,431.83. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Robert Weideman sold 8,350 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $16.30, for a total transaction of $136,105.00. Following the completion of the sale, the executive vice president now owns 428,740 shares of the company’s stock, valued at $6,988,462. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,700 shares of company stock valued at $1,526,658. 1.67% of the stock is owned by insiders.
Shares of NUAN opened at $17.49 on Friday. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 29.15, a PEG ratio of 1.69 and a beta of 0.80. Nuance Communications Inc. has a twelve month low of $12.18 and a twelve month high of $18.75. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.35 and a quick ratio of 1.35.
Nuance Communications (NASDAQ:NUAN) last announced its earnings results on Wednesday, August 8th. The software maker reported $0.27 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.27. The company had revenue of $502.89 million during the quarter, compared to the consensus estimate of $495.53 million. Nuance Communications had a negative net margin of 9.55% and a positive return on equity of 9.67%. Nuance Communications’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $0.30 earnings per share. On average, equities analysts predict that Nuance Communications Inc. will post 0.74 earnings per share for the current fiscal year.
Nuance Communications announced that its board has approved a stock buyback program on Wednesday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the software maker to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Several equities analysts recently issued reports on NUAN shares. BidaskClub raised shares of Nuance Communications from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Barclays lifted their price objective on shares of Nuance Communications from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, August 9th. Zacks Investment Research raised shares of Nuance Communications from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Wednesday, August 15th. Standpoint Research lowered shares of Nuance Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Finally, ValuEngine upgraded shares of Nuance Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $19.88.
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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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