Principal Financial Group Inc. reduced its stake in Nuance Communications, Inc. (NASDAQ:NUAN) by 9.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 42,150 shares of the software maker’s stock after selling 4,484 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuance Communications were worth $734,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Clearbridge Investments LLC raised its position in Nuance Communications by 1.7% in the 1st quarter. Clearbridge Investments LLC now owns 25,590,805 shares of the software maker’s stock valued at $442,977,000 after buying an additional 430,377 shares during the last quarter. Vanguard Group Inc. raised its position in Nuance Communications by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 22,953,274 shares of the software maker’s stock valued at $397,322,000 after buying an additional 1,222,707 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Nuance Communications by 5.7% in the 2nd quarter. Pictet Asset Management Ltd. now owns 4,166,815 shares of the software maker’s stock valued at $77,128,000 after buying an additional 223,993 shares during the last quarter. Sirios Capital Management L P raised its position in Nuance Communications by 13.7% in the 2nd quarter. Sirios Capital Management L P now owns 3,832,085 shares of the software maker’s stock valued at $66,717,000 after buying an additional 462,608 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD raised its position in Nuance Communications by 5.3% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,866,407 shares of the software maker’s stock valued at $49,904,000 after buying an additional 144,900 shares during the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.
NUAN has been the subject of a number of analyst reports. BidaskClub lowered Nuance Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Zacks Investment Research raised Nuance Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Morgan Stanley reissued an “equal weight” rating and issued a $18.00 price target (down from $19.00) on shares of Nuance Communications in a research report on Tuesday, July 25th. Canaccord Genuity lowered their price target on Nuance Communications from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. Finally, Deutsche Bank AG lowered their price target on Nuance Communications from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Nuance Communications has an average rating of “Buy” and an average target price of $20.38.
Shares of Nuance Communications, Inc. (NASDAQ:NUAN) opened at 15.80 on Thursday. Nuance Communications, Inc. has a 12 month low of $13.44 and a 12 month high of $19.93. The stock’s market capitalization is $4.56 billion. The stock’s 50 day moving average price is $15.90 and its 200 day moving average price is $17.22.
Nuance Communications (NASDAQ:NUAN) last posted its quarterly earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.09). Nuance Communications had a positive return on equity of 14.73% and a negative net margin of 3.38%. The business had revenue of $495.60 million during the quarter, compared to analysts’ expectations of $495.57 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Analysts expect that Nuance Communications, Inc. will post $1.00 EPS for the current year.
In other news, insider Daniel David Tempesta sold 6,500 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $15.99, for a total value of $103,935.00. Following the completion of the transaction, the insider now owns 270,677 shares in the company, valued at $4,328,125.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kenneth M. Siegel sold 4,682 shares of the business’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $16.00, for a total value of $74,912.00. The disclosure for this sale can be found here. Insiders sold 25,182 shares of company stock valued at $410,317 in the last 90 days. Company insiders own 1.67% of the company’s stock.
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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.
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