California Public Employees Retirement System Grows Stake in Nuance Communications, Inc. (NUAN)

California Public Employees Retirement System lifted its stake in shares of Nuance Communications, Inc. (NASDAQ:NUAN) by 6.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 474,600 shares of the software maker’s stock after purchasing an additional 28,300 shares during the period. California Public Employees Retirement System owned about 0.16% of Nuance Communications worth $8,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its stake in shares of Nuance Communications by 1.7% during the first quarter. Clearbridge Investments LLC now owns 25,590,805 shares of the software maker’s stock worth $442,977,000 after purchasing an additional 430,377 shares in the last quarter. Vanguard Group Inc. boosted its position in Nuance Communications by 1.5% during the second quarter. Vanguard Group Inc. now owns 23,288,701 shares of the software maker’s stock worth $405,455,000 after acquiring an additional 335,427 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Nuance Communications by 15.6% during the second quarter. Ameriprise Financial Inc. now owns 17,620,101 shares of the software maker’s stock worth $306,763,000 after acquiring an additional 2,383,671 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Nuance Communications by 5.7% during the second quarter. Pictet Asset Management Ltd. now owns 4,166,815 shares of the software maker’s stock worth $77,128,000 after acquiring an additional 223,993 shares during the last quarter. Finally, Sirios Capital Management L P boosted its position in Nuance Communications by 13.7% during the second quarter. Sirios Capital Management L P now owns 3,832,085 shares of the software maker’s stock worth $66,717,000 after acquiring an additional 462,608 shares during the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently weighed in on NUAN shares. Deutsche Bank AG lowered their price target on shares of Nuance Communications from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Canaccord Genuity lowered their price target on shares of Nuance Communications from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Morgan Stanley restated an “equal weight” rating and set a $18.00 price target (down from $19.00) on shares of Nuance Communications in a research report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Nuance Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $23.00 price target (down from $26.00) on shares of Nuance Communications in a research report on Thursday, August 10th. Two investment 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 stock. The stock has an average rating of “Hold” and a consensus price target of $20.38.

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Nuance Communications, Inc. (NASDAQ NUAN) opened at 15.91 on Wednesday. Nuance Communications, Inc. has a 12-month low of $13.44 and a 12-month high of $19.93. The firm’s market capitalization is $4.59 billion. The firm has a 50-day moving average of $15.91 and a 200 day moving average of $17.23.

Nuance Communications (NASDAQ:NUAN) last released its quarterly earnings results on Tuesday, August 8th. The software maker reported $0.18 earnings per share (EPS) 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 firm had revenue of $495.60 million for the quarter, compared to analyst estimates of $495.57 million. During the same period in the prior year, the business earned $0.38 earnings per share. Nuance Communications’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts predict that Nuance Communications, Inc. will post $1.00 EPS for the current year.

In other Nuance Communications news, insider Daniel David Tempesta sold 6,500 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $15.99, for a total transaction of $103,935.00. Following the sale, the insider now directly owns 270,677 shares of the company’s stock, valued at approximately $4,328,125.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kenneth M. Siegel sold 4,682 shares of the firm’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $16.00, for a total transaction of $74,912.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,182 shares of company stock worth $410,317 over the last ninety days. 1.67% of the stock is owned by corporate 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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