Needham Believes Cerence (NASDAQ: CRNC) Still Has Room to Grow

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Cerence (CRNCResearch Report), with a price target of $120.00. The company’s shares closed last Tuesday at $119.05, close to its 52-week high of $126.12.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 13.5% and a 65.4% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies, and Smart Global Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cerence with a $100.56 average price target, implying a -19.2% downside from current levels. In a report issued on January 12, Jefferies also maintained a Buy rating on the stock with a $122.00 price target.

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The company has a one-year high of $126.12 and a one-year low of $11.39. Currently, Cerence has an average volume of 694.2K.

Based on the recent corporate insider activity of 52 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.

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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.