Stifel Nicolaus Raises Nuance Communications (NUAN) Price Target to $17.00
Nuance Communications (NASDAQ:NUAN) had its target price increased by Stifel Nicolaus from $15.00 to $17.00 in a report published on Thursday, MarketBeat reports. Stifel Nicolaus currently has a hold rating on the software maker’s stock.
Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Nuance Communications from a sell rating to a strong sell rating in a research note on Wednesday, May 16th. Zacks Investment Research upgraded shares of Nuance Communications from a sell rating to a hold rating in a research note on Wednesday, June 27th. Craig Hallum dropped their price objective on shares of Nuance Communications from $24.00 to $17.00 and set an in-line rating on the stock in a research note on Thursday, May 10th. Finally, ValuEngine lowered shares of Nuance Communications from a hold rating to a sell rating in a research note on Wednesday, May 2nd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Nuance Communications has an average rating of Hold and a consensus price target of $19.43.
NASDAQ:NUAN traded up $0.02 during midday trading on Thursday, hitting $16.84. 2,429,243 shares of the company were exchanged, compared to its average volume of 2,013,027. Nuance Communications has a fifty-two week low of $12.18 and a fifty-two week high of $18.75. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.54 and a quick ratio of 1.54. The firm has a market capitalization of $4.97 billion, a P/E ratio of 28.07, a P/E/G ratio of 2.00 and a beta of 0.66.
Nuance Communications announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the software maker to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Mark R. Laret sold 15,000 shares of the business’s stock in a transaction dated Wednesday, May 23rd. The shares were sold at an average price of $13.98, for a total transaction of $209,700.00. Following the sale, the director now owns 79,047 shares of the company’s stock, valued at $1,105,077.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.67% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in NUAN. Victory Capital Management Inc. lifted its holdings in shares of Nuance Communications by 27.1% in the second quarter. Victory Capital Management Inc. now owns 13,050,497 shares of the software maker’s stock valued at $181,205,000 after purchasing an additional 2,782,984 shares in the last quarter. FIL Ltd increased its position in Nuance Communications by 5.6% during the first quarter. FIL Ltd now owns 4,609,355 shares of the software maker’s stock worth $72,597,000 after purchasing an additional 243,866 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new position in Nuance Communications during the first quarter worth approximately $50,579,000. Criterion Capital Management LLC acquired a new position in Nuance Communications during the first quarter worth approximately $42,208,000. Finally, Dimensional Fund Advisors LP increased its position in Nuance Communications by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,674,334 shares of the software maker’s stock worth $37,132,000 after purchasing an additional 290,853 shares during the last quarter. 84.71% of the stock is currently owned by hedge funds and other institutional investors.
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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