Needham Issues a Buy Rating on Cerence (CRNC)

Needham analyst Rajvindra Gill assigned a Buy rating to Cerence (CRNCResearch Report) today and set a price target of $155.00. The company’s shares closed last Monday at $96.82.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 18.0% and a 67.6% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.

Cerence has an analyst consensus of Moderate Buy, with a price target consensus of $126.71.

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Based on Cerence’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $94.96 million and net profit of $21.64 million. In comparison, last year the company earned revenue of $77.46 million and had a GAAP net loss of $11.76 million.

Based on the recent corporate insider activity of 58 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.