Nuance Communications (NASDAQ:NUAN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Nuance Communications (NASDAQ:NUAN) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. They currently have $61.00 price target on the software maker’s stock.

According to Zacks, “Nuance Communications is a technology pioneer with market leadership in conversational AI and ambient intelligence. A full-service partner trusted by 77 percent of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates intuitive solutions that amplify people’s ability to help others. “

Other equities analysts have also recently issued research reports about the company. Craig Hallum reissued a hold rating and issued a $56.00 price objective (down previously from $58.00) on shares of Nuance Communications in a report on Monday, April 19th. Wedbush reissued a neutral rating on shares of Nuance Communications in a report on Monday, April 19th. Morgan Stanley reissued an equal weight rating and issued a $56.00 price objective on shares of Nuance Communications in a report on Monday, May 17th. Finally, SVB Leerink decreased their price objective on Nuance Communications from $60.00 to $56.00 and set an outperform rating for the company in a report on Tuesday, May 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $53.57.

Shares of NUAN opened at $54.48 on Thursday. The stock’s 50-day moving average price is $53.49. Nuance Communications has a one year low of $24.08 and a one year high of $55.10. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.44. The firm has a market cap of $15.59 billion, a PE ratio of 2,725.36 and a beta of 1.27.

Nuance Communications (NASDAQ:NUAN) last issued its quarterly earnings results on Sunday, May 9th. The software maker reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. Nuance Communications had a return on equity of 10.20% and a net margin of 0.29%. The company had revenue of $347.00 million during the quarter, compared to analysts’ expectations of $346.45 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts predict that Nuance Communications will post 0.43 EPS for the current fiscal year.

In related news, CFO Daniel David Tempesta sold 21,000 shares of Nuance Communications stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $45.00, for a total value of $945,000.00. Following the completion of the transaction, the chief financial officer now owns 403,587 shares in the company, valued at approximately $18,161,415. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Weideman sold 11,182 shares of Nuance Communications stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $55.00, for a total value of $615,010.00. Following the completion of the transaction, the executive vice president now owns 447,960 shares of the company’s stock, valued at approximately $24,637,800. The disclosure for this sale can be found here. In the last 90 days, insiders sold 399,732 shares of company stock valued at $21,031,006. 0.48% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of NUAN. Norges Bank purchased a new stake in Nuance Communications during the 4th quarter worth approximately $115,517,000. Artisan Partners Limited Partnership purchased a new stake in Nuance Communications during the 4th quarter worth approximately $85,164,000. Grosvenor Holdings L.L.C. purchased a new stake in Nuance Communications during the 1st quarter worth approximately $60,589,000. Sculptor Capital LP purchased a new stake in Nuance Communications during the 1st quarter worth approximately $56,695,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Nuance Communications by 860.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,355,500 shares of the software maker’s stock worth $59,154,000 after buying an additional 1,214,338 shares in the last quarter.

About Nuance Communications

Nuance Communications, Inc provides conversational and cognitive artificial intelligence (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.

Further Reading: Compound Annual Growth Rate (CAGR)

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Analyst Recommendations for Nuance Communications (NASDAQ:NUAN)

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