Fintel reports that on January 22, 2025, Needham upgraded their outlook for Cerence (NasdaqGS:CRNC) from Hold to Buy.
Analyst Price Forecast Suggests 47.73% Downside
As of December 23, 2024, the average one-year price target for Cerence is $7.14/share. The forecasts range from a low of $5.05 to a high of $10.50. The average price target represents a decrease of 47.73% from its latest reported closing price of $13.66 / share.
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The projected annual revenue for Cerence is 427MM, an increase of 28.74%. The projected annual non-GAAP EPS is 2.03.
What is the Fund Sentiment?
There are 341 funds or institutions reporting positions in Cerence. This is an decrease of 54 owner(s) or 13.67% in the last quarter. Average portfolio weight of all funds dedicated to CRNC is 0.03%, an increase of 18.69%. Total shares owned by institutions decreased in the last three months by 8.45% to 38,655K shares. 
The put/call ratio of CRNC is 0.67, indicating a bullish outlook.
What are Other Shareholders Doing?
American Capital Management holds 3,920K shares representing 9.15% ownership of the company. In its prior filing, the firm reported owning 3,879K shares , representing an increase of 1.03%. The firm increased its portfolio allocation in CRNC by 9.87% over the last quarter.
ROBT - First Trust Nasdaq Artificial Intelligence and Robotics ETF holds 2,667K shares representing 6.23% ownership of the company. In its prior filing, the firm reported owning 637K shares , representing an increase of 76.13%. The firm decreased its portfolio allocation in CRNC by 19.47% over the last quarter.
Paradigm Capital Management holds 1,750K shares representing 4.09% ownership of the company. In its prior filing, the firm reported owning 2,242K shares , representing a decrease of 28.09%. The firm decreased its portfolio allocation in CRNC by 51.25% over the last quarter.
Cooper Creek Partners Management holds 1,616K shares representing 3.77% ownership of the company. In its prior filing, the firm reported owning 1,608K shares , representing an increase of 0.50%. The firm decreased its portfolio allocation in CRNC by 7.99% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,273K shares representing 2.97% ownership of the company. No change in the last quarter.
Cerence Background Information
(This description is provided by the company.)
Cerence is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world's leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, powerful interaction between humans and their cars, two-wheelers, and even elevators, connecting consumers' digital lives to their daily journeys no matter where they are. Cerence's track record is built on more than 20 years of knowledge and more than 350 million cars shipped with Cerence technology. Whether it's connected cars, autonomous driving, e-vehicles, or buildings, Cerence is mapping the road ahead.
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This story originally appeared on Fintel.
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