Nuance Communications Inc. (NUAN) Shares Gap Up After Better-Than-Expected Earnings
Nuance Communications Inc. (NASDAQ:NUAN) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $14.43, but opened at $15.55. Nuance Communications shares last traded at $16.91, with a volume of 13,182,921 shares changing hands.
The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.02. The business earned $512.40 million during the quarter, compared to analysts’ expectations of $505.10 million. Nuance Communications had a negative net margin of 2.15% and a positive return on equity of 14.07%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 earnings per share.
A number of equities research analysts have recently commented on the stock. Canaccord Genuity reiterated a “buy” rating on shares of Nuance Communications in a research report on Friday. Deutsche Bank AG reiterated a “buy” rating on shares of Nuance Communications in a research report on Friday. Barclays PLC set a $19.00 target price on shares of Nuance Communications and gave the company a “hold” rating in a research report on Tuesday, August 9th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $26.00 target price on shares of Nuance Communications in a research report on Thursday, August 11th. Finally, Raymond James Financial Inc. upgraded shares of Nuance Communications from an “outperform” rating to a “strong-buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Nuance Communications has a consensus rating of “Buy” and a consensus target price of $22.38.
In other Nuance Communications news, VP Adam Bruce Bowden sold 4,000 shares of Nuance Communications stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $13.96, for a total transaction of $55,840.00. Following the completion of the sale, the vice president now directly owns 170,195 shares in the company, valued at $2,375,922.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.23% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Nuance Communications by 12.9% in the second quarter. Vanguard Group Inc. now owns 19,511,687 shares of the company’s stock valued at $304,969,000 after buying an additional 2,236,823 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Nuance Communications by 10.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 6,509,791 shares of the company’s stock valued at $94,392,000 after buying an additional 593,793 shares during the last quarter. AQR Capital Management LLC raised its position in Nuance Communications by 150.0% in the second quarter. AQR Capital Management LLC now owns 4,429,776 shares of the company’s stock valued at $69,238,000 after buying an additional 2,657,896 shares during the last quarter. BlackRock Advisors LLC raised its position in Nuance Communications by 151.1% in the third quarter. BlackRock Advisors LLC now owns 4,340,361 shares of the company’s stock valued at $62,936,000 after buying an additional 2,611,843 shares during the last quarter. Finally, Numeric Investors LLC raised its position in Nuance Communications by 83.0% in the second quarter. Numeric Investors LLC now owns 4,244,907 shares of the company’s stock valued at $66,348,000 after buying an additional 1,925,807 shares during the last quarter. 88.14% of the stock is owned by institutional investors and hedge funds.
The firm’s market capitalization is $4.73 billion. The company’s 50-day moving average is $14.15 and its 200-day moving average is $15.31.
Nuance Communications Company Profile
Nuance Communications, Inc is a provider of voice recognition solutions and natural language understanding technologies. The Company operates through four segments: Healthcare; Mobile and Consumer; Enterprise, and Imaging. The Company offers its customers solutions in automated speech recognition; capabilities for natural language understanding; dialog and information management; biometric speaker authentication; text-to-speech; optical character recognition (OCR) capabilities, and domain knowledge, along with professional services and implementation support.
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