Nuance Communications Inc. (NUAN) Position Cut by First Allied Advisory Services Inc.
First Allied Advisory Services Inc. reduced its holdings in shares of Nuance Communications Inc. (NASDAQ:NUAN) by 12.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,174 shares of the software maker’s stock after selling 5,053 shares during the period. First Allied Advisory Services Inc.’s holdings in Nuance Communications were worth $509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the stock. Bristol John W & Co. Inc. NY acquired a new position in shares of Nuance Communications in the first quarter valued at about $138,000. Signition LP acquired a new position in shares of Nuance Communications in the first quarter valued at about $167,000. A.R.T. Advisors LLC acquired a new position in shares of Nuance Communications in the first quarter valued at about $184,000. Engineers Gate Manager LP acquired a new position in shares of Nuance Communications in the second quarter valued at about $199,000. Finally, TLP Group LLC increased its holdings in shares of Nuance Communications by 3,281.5% in the first quarter. TLP Group LLC now owns 14,067 shares of the software maker’s stock valued at $222,000 after purchasing an additional 13,651 shares during the period. 88.68% of the stock is currently owned by institutional investors.
In other news, insider Daniel David Tempesta sold 7,500 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $16.41, for a total value of $123,075.00. Following the sale, the insider now owns 347,863 shares in the company, valued at $5,708,431.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.67% of the stock is owned by corporate insiders.
Nuance Communications (NASDAQ:NUAN) last issued its earnings results on Wednesday, August 8th. The software maker reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. Nuance Communications had a positive return on equity of 9.67% and a negative net margin of 9.55%. The firm had revenue of $502.89 million for the quarter, compared to the consensus estimate of $495.53 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The company’s revenue was up 3.4% compared to the same quarter last year. research analysts predict that Nuance Communications Inc. will post 0.75 EPS for the current fiscal year.
Nuance Communications announced that its Board of Directors has approved a share repurchase program on Wednesday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
A number of research analysts have recently weighed in on NUAN shares. Barclays increased their price objective on Nuance Communications from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, August 9th. BidaskClub raised Nuance Communications from a “strong sell” rating to a “sell” rating in a report on Tuesday, May 8th. Stifel Nicolaus reissued a “hold” rating and issued a $15.00 price objective (down from $18.00) on shares of Nuance Communications in a report on Thursday, May 10th. Craig Hallum cut their price objective on Nuance Communications from $24.00 to $17.00 and set an “in-line” rating on the stock in a report on Thursday, May 10th. Finally, ValuEngine raised Nuance Communications from a “strong sell” rating to a “sell” rating in a report on Thursday, July 5th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.57.
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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