Morgan Stanley Upgrades Nuance Communications (NASDAQ:NUAN) to “Overweight”

Morgan Stanley upgraded shares of Nuance Communications (NASDAQ:NUAN) from an equal weight rating to an overweight rating in a report issued on Monday, Benzinga reports. They currently have $23.00 price objective on the software maker’s stock, up from their prior price objective of $15.00.

NUAN has been the subject of a number of other reports. Zacks Investment Research cut Nuance Communications from a buy rating to a hold rating in a report on Thursday, October 3rd. TheStreet raised Nuance Communications from a c+ rating to a b rating in a report on Wednesday, November 20th. ValuEngine cut Nuance Communications from a buy rating to a hold rating in a report on Wednesday, November 20th. Barclays cut their price target on Nuance Communications from $20.00 to $17.00 and set an overweight rating for the company in a report on Monday, October 7th. Finally, Wedbush assumed coverage on Nuance Communications in a report on Friday, September 27th. They issued an outperform rating for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Nuance Communications currently has a consensus rating of Hold and a consensus target price of $20.80.

Nuance Communications stock opened at $19.45 on Monday. The stock has a 50-day simple moving average of $17.96 and a 200 day simple moving average of $16.76. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.37. Nuance Communications has a 12-month low of $14.02 and a 12-month high of $19.48. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 25.59, a P/E/G ratio of 7.76 and a beta of 0.95.

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

In related news, EVP Wendy Cassity sold 12,653 shares of Nuance Communications stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $17.83, for a total value of $225,602.99. Following the completion of the sale, the executive vice president now directly owns 111,337 shares in the company, valued at $1,985,138.71. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas L. Beaudoin sold 12,355 shares of Nuance Communications stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $16.60, for a total value of $205,093.00. Following the completion of the sale, the executive vice president now owns 255,884 shares of the company’s stock, valued at $4,247,674.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,374 shares of company stock valued at $1,108,662. Corporate insiders own 0.50% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC acquired a new stake in Nuance Communications in the second quarter worth about $26,000. Evoke Wealth LLC acquired a new stake in Nuance Communications in the third quarter worth about $30,000. Pinebridge Investments L.P. increased its position in Nuance Communications by 24.0% in the second quarter. Pinebridge Investments L.P. now owns 4,645 shares of the software maker’s stock worth $74,000 after purchasing an additional 900 shares during the period. Cerebellum GP LLC acquired a new stake in Nuance Communications in the third quarter worth about $80,000. Finally, US Bancorp DE increased its position in Nuance Communications by 56.9% in the second quarter. US Bancorp DE now owns 5,830 shares of the software maker’s stock worth $93,000 after purchasing an additional 2,114 shares during the period. Hedge funds and other institutional investors own 90.47% of the company’s stock.

Nuance Communications Company 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.

Further Reading: Relative Strength Index

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