Hunt Lane Capital LP Acquires Shares of 820,000 Nuance Communications, Inc. (NUAN)
Hunt Lane Capital LP acquired a new stake in Nuance Communications, Inc. (NASDAQ:NUAN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 820,000 shares of the software maker’s stock, valued at approximately $14,276,000. Nuance Communications accounts for about 2.6% of Hunt Lane Capital LP’s investment portfolio, making the stock its 15th biggest holding. Hunt Lane Capital LP owned 0.28% of Nuance Communications at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth Bank of Australia increased its holdings in Nuance Communications by 29.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 7,000 shares of the software maker’s stock worth $121,000 after purchasing an additional 1,600 shares during the period. Ledyard National Bank raised its position in Nuance Communications by 4.8% in the 2nd quarter. Ledyard National Bank now owns 7,160 shares of the software maker’s stock valued at $125,000 after purchasing an additional 330 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Nuance Communications by 23.5% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the software maker’s stock valued at $146,000 after purchasing an additional 1,600 shares in the last quarter. World Asset Management Inc acquired a new stake in Nuance Communications in the 1st quarter valued at about $180,000. Finally, Westover Capital Advisors LLC acquired a new stake in Nuance Communications in the 1st quarter valued at about $185,000. 84.29% of the stock is owned by institutional investors and hedge funds.
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In other news, insider Daniel David Tempesta sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were 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 owns 270,810 shares of the company’s stock, valued at $4,701,261.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.67% of the company’s stock.
Several equities analysts have recently issued reports on the company. BidaskClub cut Nuance Communications from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Morgan Stanley restated an “equal weight” rating and set a $18.00 target price (down from $19.00) on shares of Nuance Communications in a research note on Tuesday, July 25th. Barclays PLC cut their target price on shares of Nuance Communications from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 9th. Raymond James Financial, Inc. reduced their target price on shares of Nuance Communications from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 9th. Finally, Zacks Investment Research cut shares of Nuance Communications from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $20.11.
Nuance Communications, Inc. (NASDAQ:NUAN) traded down 0.63% during midday trading on Tuesday, reaching $15.80. The company had a trading volume of 452,191 shares. Nuance Communications, Inc. has a 12 month low of $13.44 and a 12 month high of $19.93. The firm’s 50-day moving average price is $15.92 and its 200 day moving average price is $17.26. The firm’s market capitalization is $4.56 billion.
Nuance Communications (NASDAQ:NUAN) last announced its earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.09). Nuance Communications had a negative net margin of 3.38% and a positive return on equity of 14.73%. The business had revenue of $495.60 million during the quarter, compared to analyst estimates of $495.57 million. During the same period in the previous year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities analysts anticipate that Nuance Communications, Inc. will post $1.00 earnings per share for the current fiscal year.
Nuance Communications 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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