In yesterday’s Wall Street session, Cerence Inc. (NASDAQ:CRNC) shares traded at $22.44, up 4.76% from the previous session.
11 analysts cover Cerence Inc. (NASDAQ:CRNC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $40.00 and a low of $18.00, we find $23.50. Given the previous closing price of $21.42, this indicates a potential upside of 9.71 percent. CRNC stock price is now 19.92% away from the 50-day moving average and -2.20% away from the 200-day moving average. The market capitalization of the company currently stands at $857.21M.
The stock has received a hold rating from 8 analysts and a buy rating from 3. Brokers who have rated the stock have averaged $25.10 as their price target over the next twelve months.
On August 10, 2022, Craig Hallum Downgraded its previous ‘Buy’ rating to ‘Hold’ on the stock reducing its target price from $45 to quote $24, while ‘RBC Capital Mkts’ rates the stock as ‘Sector Perform’.
In other news, BEAUDOIN THOMAS L, EVP, CFO bought 5,000 shares of the company’s stock on Dec 05. The stock was bought for $94,025 at an average price of $18.80. Upon completion of the transaction, the EVP, CFO now directly owns 213,173 shares in the company, valued at $4.78 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 11, Chief Executive Officer Ortmanns Stefan sold 6,413 shares of the business’s stock. A total of $103,506 was realized by selling the stock at an average price of $16.14. This leaves the insider owning 139,572 shares of the company worth $3.13 million. Insiders disposed of 50,537 shares of company stock worth roughly $1.13 million over the past 1 year. A total of 2.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CRNC stock. A new stake in Cerence Inc. shares was purchased by TWINBEECH CAPITAL LP during the first quarter worth $1,218,000. GRAHAM CAPITAL MANAGEMENT, L.P. invested $610,000 in shares of CRNC during the first quarter. In the first quarter, CAXTON ASSOCIATES LP acquired a new stake in Cerence Inc. valued at approximately $588,000. AMALGAMATED FINANCIAL CORP. acquired a new stake in CRNC for approximately $419,000. GSA CAPITAL PARTNERS LLP purchased a new stake in CRNC valued at around $370,000 in the second quarter. In total, there are 374 active investors with 97.50% ownership of the company’s stock.
On Friday morning Cerence Inc. (NASDAQ: CRNC) stock kicked off with the opening price of $21.64. During the past 12 months, Cerence Inc. has had a low of $12.82 and a high of $68.13. As of last week, the company has a debt-to-equity ratio of 0.38, a current ratio of 1.50, and a quick ratio of 1.50. The fifty day moving average price for CRNC is $18.82 and a two-hundred day moving average price translates $22.87 for the stock.
The latest earnings results from Cerence Inc. (NASDAQ: CRNC) was released for Jun, 2022. According to the Software – Application Company, earnings per share came in at $0.43, beating analysts’ expectations of $0.42 by 0.01. This compares to $0.25 EPS in the same period last year. The net profit margin was -94.80% and return on equity was -33.00% for CRNC. The company reported revenue of $58.14 million for the quarter, compared to $98.08 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -40.72 percent. For the current quarter, analysts expect CRNC to generate $56.05M in revenue.
Cerence Inc.(CRNC) Company Profile
Cerence Inc. provides AI powered virtual assistants for the mobility/transportation market worldwide. The company offers edge software components; cloud-connected components and related toolkits and applications; and virtual assistant coexistence and professional services. It also provides conversational artificial intelligence-based solutions, including speech recognition, natural language understanding, speech signal enhancement, text-to-speech, and acoustic modeling technology. Cerence Inc. is headquartered in Burlington, Massachusetts.