Essex Investment Management Co. LLC Has $1.94 Million Stake in Nuance Communications, Inc. (NASDAQ:NUAN)

Essex Investment Management Co. LLC increased its position in Nuance Communications, Inc. (NASDAQ:NUAN) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,534 shares of the software maker’s stock after buying an additional 5,000 shares during the period. Essex Investment Management Co. LLC’s holdings in Nuance Communications were worth $1,942,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. boosted its position in shares of Nuance Communications by 23.5% in the second quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the software maker’s stock worth $146,000 after buying an additional 1,600 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Nuance Communications by 4.0% in the second quarter. CIBC Asset Management Inc now owns 16,888 shares of the software maker’s stock worth $294,000 after buying an additional 655 shares during the last quarter. Mcrae Capital Management Inc. boosted its position in shares of Nuance Communications by 1.3% in the second quarter. Mcrae Capital Management Inc. now owns 323,550 shares of the software maker’s stock worth $5,633,000 after buying an additional 4,200 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Nuance Communications by 8.6% in the second quarter. Janney Montgomery Scott LLC now owns 46,282 shares of the software maker’s stock worth $806,000 after buying an additional 3,674 shares during the last quarter. Finally, NGAM Advisors L.P. boosted its position in shares of Nuance Communications by 535.5% in the second quarter. NGAM Advisors L.P. now owns 990,827 shares of the software maker’s stock worth $17,250,000 after buying an additional 834,925 shares during the last quarter. 85.65% of the stock is currently owned by hedge funds and other institutional investors.

Nuance Communications, Inc. (NASDAQ NUAN) traded down 1.01% on Friday, reaching $15.70. 1,961,398 shares of the company’s stock were exchanged. The stock’s market capitalization is $4.53 billion. The firm has a 50 day moving average of $17.01 and a 200 day moving average of $17.44. Nuance Communications, Inc. has a 12 month low of $13.44 and a 12 month high of $19.93.

Nuance Communications (NASDAQ:NUAN) last released its earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.09. The company had revenue of $495.60 million for the quarter, compared to analyst estimates of $495.57 million. Nuance Communications had a positive return on equity of 14.73% and a negative net margin of 3.38%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. Equities analysts predict that Nuance Communications, Inc. will post $1.00 earnings per share for the current fiscal year.

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A number of research firms have recently weighed in on NUAN. Barclays PLC reissued a “buy” rating and issued a $22.00 price objective on shares of Nuance Communications in a research report on Friday, May 12th. Zacks Investment Research raised shares of Nuance Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 12th. BidaskClub lowered shares of Nuance Communications from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Deutsche Bank AG reissued a “buy” rating and issued a $25.00 price objective on shares of Nuance Communications in a research report on Monday, June 12th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $18.00 price target (down previously from $19.00) on shares of Nuance Communications in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $20.11.

In related news, insider Daniel David Tempesta sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $17.36, for a total value of $130,200.00. Following the sale, the insider now directly owns 270,810 shares of the company’s stock, valued at $4,701,261.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul Ricci sold 139,267 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $19.10, for a total value of $2,659,999.70. Following the completion of the sale, the chief executive officer now directly owns 2,090,036 shares in the company, valued at $39,919,687.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 171,267 shares of company stock worth $3,239,095. 1.67% of the stock is currently owned by insiders.

About Nuance Communications

Nuance Communications, Inc is a provider of voice recognition and natural language understanding solutions. The Company’s segments include Healthcare, Mobile, Enterprise and Imaging. The Healthcare segment provides clinical speech and clinical language understanding solutions. The solutions for the Healthcare segment include transcription solutions, Dragon Medical, and clinical document improvement (CDI) and coding solutions.

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

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