Norges Bank purchased a new position in shares of Nuance Communications Inc. (NASDAQ:NUAN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,940,169 shares of the software maker’s stock, valued at approximately $25,667,000. Norges Bank owned 0.68% of Nuance Communications at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Bremer Trust National Association purchased a new stake in Nuance Communications in the 4th quarter valued at about $26,000. Robeco Institutional Asset Management B.V. boosted its position in Nuance Communications by 81.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,129 shares of the software maker’s stock valued at $28,000 after buying an additional 956 shares during the period. Intercontinental Wealth Advisors LLC purchased a new stake in Nuance Communications in the 4th quarter valued at about $36,000. Enlightenment Research LLC purchased a new stake in Nuance Communications in the 4th quarter valued at about $74,000. Finally, Pearl River Capital LLC purchased a new stake in Nuance Communications in the 4th quarter valued at about $87,000. 88.60% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Thomas L. Beaudoin sold 8,301 shares of the business’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $15.76, for a total value of $130,823.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Weideman sold 18,000 shares of the business’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $17.00, for a total transaction of $306,000.00. Following the completion of the sale, the insider now owns 487,008 shares of the company’s stock, valued at approximately $8,279,136. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,236 shares of company stock valued at $1,910,489. Company insiders own 0.68% of the company’s stock.
NASDAQ:NUAN opened at $16.61 on Friday. Nuance Communications Inc. has a one year low of $12.18 and a one year high of $17.88. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a market capitalization of $4.74 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 1.93 and a beta of 1.18.
Nuance Communications (NASDAQ:NUAN) last posted its quarterly earnings results on Thursday, February 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.17 by $0.07. Nuance Communications had a negative net margin of 9.50% and a positive return on equity of 13.59%. The business had revenue of $493.65 million during the quarter, compared to analyst estimates of $504.85 million. During the same quarter in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. Research analysts forecast that Nuance Communications Inc. will post 0.74 earnings per share for the current year.
NUAN has been the subject of several research reports. Wedbush reissued a “buy” rating and issued a $22.00 price objective on shares of Nuance Communications in a research report on Friday, February 8th. BidaskClub raised shares of Nuance Communications from a “sell” rating to a “hold” rating in a research report on Monday, January 7th. Morgan Stanley cut shares of Nuance Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $19.00 to $17.00 in a research report on Tuesday, January 15th. Finally, Zacks Investment Research cut shares of Nuance Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $18.67.
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About Nuance Communications
Nuance Communications, Inc provides voice recognition and natural language understanding solutions worldwide. It operates through five segments: Healthcare, Automotive, Enterprise, Imaging, and Other. The Healthcare segment offers clinical speech and clinical language understanding solutions, such as Dragon Medical, a dictation software that allow physicians to capture and document patient care in real-time; transcription solutions, which enable physicians to streamline clinical documentation with a transcription platforms; clinical document improvement and coding solutions; 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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