Raymond James Believes Cerence (CRNC) Still Has Room to Grow


Raymond James analyst Brian Gesuale maintained a Buy rating on Cerence (CRNC) yesterday. The company’s shares closed last Thursday at $89.50, close to its 52-week high of $94.92.

According to TipRanks.com, Gesuale is a 5-star analyst with an average return of 18.6% and a 72.7% success rate. Gesuale covers the Technology sector, focusing on stocks such as L3Harris Technologies, Roper Technologies, and Caci International.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cerence with a $86.63 average price target, representing a 2.0% upside. In a report issued on December 4, Needham also assigned a Buy rating to the stock with a $95.00 price target.

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Based on Cerence’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $90.88 million and net profit of $6.82 million. In comparison, last year the company earned revenue of $82.96 million and had a net profit of $95.79 million.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRNC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cerence, Inc. builds automotive cognitive assistance solutions to power natural and intuitive interactions between automobiles, drivers and passengers, and the broader digital world. It also engages in the sale of software licenses and cloud-connected services. The company was founded on February 14, 2019 and is headquartered in Burlington, MA.

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