Golden Gate Private Equity Inc. Increases Position in Nuance Communications Inc. (NUAN)
Golden Gate Private Equity Inc. lifted its holdings in Nuance Communications Inc. (NASDAQ:NUAN) by 24.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 188,000 shares of the software maker’s stock after purchasing an additional 37,000 shares during the period. Nuance Communications makes up 1.6% of Golden Gate Private Equity Inc.’s holdings, making the stock its 16th biggest holding. Golden Gate Private Equity Inc. owned approximately 0.06% of Nuance Communications worth $2,610,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the stock. Country Trust Bank lifted its position in shares of Nuance Communications by 25.9% during the 2nd quarter. Country Trust Bank now owns 963,152 shares of the software maker’s stock worth $13,373,000 after buying an additional 198,322 shares during the last quarter. Federated Investors Inc. PA lifted its position in shares of Nuance Communications by 61.6% during the 2nd quarter. Federated Investors Inc. PA now owns 581,246 shares of the software maker’s stock worth $8,071,000 after buying an additional 221,567 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Nuance Communications by 8.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 480,242 shares of the software maker’s stock worth $6,668,000 after buying an additional 36,159 shares during the last quarter. Globeflex Capital L P lifted its position in shares of Nuance Communications by 14.4% during the 2nd quarter. Globeflex Capital L P now owns 114,065 shares of the software maker’s stock worth $1,584,000 after buying an additional 14,400 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in Nuance Communications by 1.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 619,728 shares of the software maker’s stock valued at $8,606,000 after purchasing an additional 8,208 shares during the last quarter. Hedge funds and other institutional investors own 88.68% of the company’s stock.
Several analysts recently commented on NUAN shares. BidaskClub upgraded shares of Nuance Communications from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Craig Hallum reduced their price target on shares of Nuance Communications from $24.00 to $17.00 and set an “in-line” rating for the company in a research report on Thursday, May 10th. ValuEngine upgraded shares of Nuance Communications from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 5th. Barclays upped their price target on shares of Nuance Communications from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research upgraded shares of Nuance Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $19.57.
Nuance Communications (NASDAQ:NUAN) last released its quarterly earnings results on Wednesday, August 8th. The software maker reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Nuance Communications had a negative net margin of 9.55% and a positive return on equity of 9.67%. The firm had revenue of $502.89 million during the quarter, compared to the consensus estimate of $495.53 million. During the same quarter in the prior year, the firm earned $0.30 EPS. Nuance Communications’s revenue for the quarter was up 3.4% on a year-over-year basis. equities research analysts forecast that Nuance Communications Inc. will post 0.75 earnings per share for the current fiscal year.
Nuance Communications declared that its Board of Directors has approved a share buyback program on Wednesday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the software maker to buy up to 10.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
In other Nuance Communications news, insider Daniel David Tempesta sold 7,500 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were 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 in the company, valued at approximately $5,708,431.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.67% of the stock is currently owned by corporate insiders.
About Nuance Communications
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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