Bayesian Capital Management LP purchased a new position in shares of Nuance Communications, Inc. (NASDAQ:NUAN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 48,400 shares of the software maker’s stock, valued at approximately $843,000.
Other hedge funds have also modified their holdings of the company. Commonwealth Bank of Australia lifted its holdings in shares of Nuance Communications by 29.6% during the second quarter. Commonwealth Bank of Australia now owns 7,000 shares of the software maker’s stock worth $121,000 after buying an additional 1,600 shares during the last quarter. Ledyard National Bank lifted its holdings in shares of Nuance Communications by 4.8% during the second quarter. Ledyard National Bank now owns 7,160 shares of the software maker’s stock worth $125,000 after buying an additional 330 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Nuance Communications by 23.5% during the second quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the software maker’s stock worth $146,000 after buying an additional 1,600 shares during the last quarter. World Asset Management Inc acquired a new position in shares of Nuance Communications during the first quarter worth approximately $180,000. Finally, Westover Capital Advisors LLC acquired a new position in shares of Nuance Communications during the first quarter worth approximately $185,000. Institutional investors own 84.29% of the company’s stock.
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Nuance Communications, Inc. (NASDAQ:NUAN) traded down 0.482% during mid-day trading on Thursday, hitting $15.475. The stock had a trading volume of 225,647 shares. Nuance Communications, Inc. has a one year low of $13.44 and a one year high of $19.93. The firm’s market capitalization is $4.47 billion. The stock’s 50 day moving average price is $16.18 and its 200 day moving average price is $17.34.
Nuance Communications (NASDAQ:NUAN) last released its quarterly earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.09). The firm had revenue of $495.60 million for the quarter, compared to analyst estimates of $495.57 million. Nuance Communications had a positive return on equity of 14.73% and a negative net margin of 3.38%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share. Analysts forecast that Nuance Communications, Inc. will post $1.00 EPS for the current year.
In related news, insider Daniel David Tempesta sold 7,500 shares of Nuance Communications stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $17.36, for a total transaction of $130,200.00. Following the completion of the sale, the insider now directly owns 270,810 shares of the company’s stock, valued at approximately $4,701,261.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 21,500 shares of company stock valued at $364,785. 1.67% of the stock is currently owned by insiders.
A number of brokerages have recently commented on NUAN. Deutsche Bank AG reiterated a “buy” rating and set a $25.00 price target on shares of Nuance Communications in a report on Monday, June 12th. Zacks Investment Research lowered Nuance Communications from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Morgan Stanley reiterated an “equal weight” rating and set a $18.00 price target (down from $19.00) on shares of Nuance Communications in a report on Tuesday, July 25th. BidaskClub lowered Nuance Communications from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, Raymond James Financial, Inc. cut their price target on Nuance Communications from $24.00 to $22.00 and set a “strong-buy” rating for the company in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Nuance Communications has a consensus rating of “Hold” and a consensus price target of $20.11.
About Nuance Communications
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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