Point72 Asset Management L.P. Trims Position in Nuance Communications Inc. (NASDAQ:NUAN)

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Point72 Asset Management L.P. lessened its holdings in shares of Nuance Communications Inc. (NASDAQ:NUAN) by 88.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,149 shares of the software maker’s stock after selling 1,174,804 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.05% of Nuance Communications worth $2,498,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in shares of Nuance Communications during the second quarter valued at about $26,000. Pinebridge Investments L.P. raised its position in shares of Nuance Communications by 24.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 4,645 shares of the software maker’s stock worth $74,000 after acquiring an additional 900 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of Nuance Communications in the 3rd quarter worth approximately $80,000. Neuburgh Advisers LLC lifted its stake in shares of Nuance Communications by 603.8% in the 2nd quarter. Neuburgh Advisers LLC now owns 5,856 shares of the software maker’s stock valued at $93,000 after purchasing an additional 5,024 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Nuance Communications by 56.9% in the 2nd quarter. US Bancorp DE now owns 5,830 shares of the software maker’s stock valued at $93,000 after purchasing an additional 2,114 shares during the period. Institutional investors own 90.11% of the company’s stock.

Several brokerages recently weighed in on NUAN. BidaskClub raised Nuance Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 23rd. ValuEngine cut shares of Nuance Communications from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Barclays decreased their target price on shares of Nuance Communications from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Monday, October 7th. Zacks Investment Research lowered shares of Nuance Communications from a “buy” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, Wedbush initiated coverage on Nuance Communications in a research report on Friday, September 27th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Nuance Communications presently has a consensus rating of “Hold” and an average price target of $18.25.

In other news, EVP Robert Weideman sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $17.00, for a total transaction of $102,000.00. Following the sale, the executive vice president now owns 404,521 shares in the company, valued at $6,876,857. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Thomas L. Beaudoin sold 12,355 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $16.60, for a total transaction of $205,093.00. Following the sale, the executive vice president now directly owns 255,884 shares of the company’s stock, valued at approximately $4,247,674.40. The disclosure for this sale can be found here. Insiders sold 700,861 shares of company stock valued at $11,929,994 over the last ninety days. Corporate insiders own 0.68% of the company’s stock.

Shares of NASDAQ:NUAN opened at $17.44 on Wednesday. The business has a fifty day moving average price of $16.51 and a 200-day moving average price of $16.57. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $4.93 billion, a PE ratio of 22.95, a PEG ratio of 7.22 and a beta of 0.97. Nuance Communications Inc. has a 1-year low of $12.66 and a 1-year high of $18.19.

Nuance Communications (NASDAQ:NUAN) last announced its quarterly earnings results on Wednesday, November 20th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.06. Nuance Communications had a net margin of 11.83% and a return on equity of 12.42%. The company had revenue of $471.97 million for the quarter, compared to analysts’ expectations of $486.13 million. During the same quarter in the previous year, the business posted $0.38 EPS. Nuance Communications’s revenue was down 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Nuance Communications Inc. will post 0.5 earnings per share for the current fiscal year.

Nuance Communications Profile

Nuance Communications (NASDAQ: NUAN) is the pioneer and leader in conversational AI innovations that bring intelligence to everyday work and life. The company delivers solutions that understand, analyze, and respond to people – amplifying human intelligence to increase productivity and security. With decades of domain and AI expertise, Nuance works with thousands of organizations globally across healthcare, financial services, telecommunications, government, and retail – to create stronger relationships and better experiences for their customers and workforce.

Read More: Overbought

Institutional Ownership by Quarter for Nuance Communications (NASDAQ:NUAN)

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