Taylor Frigon Capital Management LLC Sells 45,967 Shares of AudioCodes Ltd. (NASDAQ:AUDC)

Taylor Frigon Capital Management LLC reduced its position in AudioCodes Ltd. (NASDAQ:AUDC) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 395,911 shares of the communications equipment provider’s stock after selling 45,967 shares during the period. AudioCodes comprises approximately 1.9% of Taylor Frigon Capital Management LLC’s holdings, making the stock its 7th largest position. Taylor Frigon Capital Management LLC owned approximately 1.31% of AudioCodes worth $3,851,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in AUDC. Vanguard Group Inc. lifted its stake in AudioCodes by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock worth $11,122,000 after acquiring an additional 23,104 shares in the last quarter. Heartland Advisors Inc. boosted its holdings in shares of AudioCodes by 1.6% during the first quarter. Heartland Advisors Inc. now owns 838,400 shares of the communications equipment provider’s stock worth $10,933,000 after purchasing an additional 13,000 shares during the period. ARK Investment Management LLC grew its position in AudioCodes by 9.5% during the second quarter. ARK Investment Management LLC now owns 202,182 shares of the communications equipment provider’s stock valued at $2,099,000 after purchasing an additional 17,589 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in AudioCodes by 1.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 174,521 shares of the communications equipment provider’s stock valued at $2,276,000 after buying an additional 2,702 shares during the period. Finally, Y.D. More Investments Ltd purchased a new stake in AudioCodes in the 2nd quarter worth approximately $1,123,000. 68.05% of the stock is owned by hedge funds and other institutional investors.

AudioCodes Price Performance

AUDC traded down $0.04 during midday trading on Thursday, hitting $9.13. 7,179 shares of the company’s stock traded hands, compared to its average volume of 75,405. The company has a market cap of $276.86 million, a PE ratio of 25.47 and a beta of 0.86. The stock’s fifty day simple moving average is $9.86 and its 200-day simple moving average is $10.30. AudioCodes Ltd. has a one year low of $7.14 and a one year high of $14.45.

AudioCodes (NASDAQ:AUDC) last released its quarterly earnings results on Tuesday, July 30th. The communications equipment provider reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $60.30 million for the quarter, compared to the consensus estimate of $59.93 million. AudioCodes had a net margin of 5.61% and a return on equity of 10.42%. On average, research analysts expect that AudioCodes Ltd. will post 0.67 EPS for the current year.

AudioCodes Announces Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 3.3%. AudioCodes’s dividend payout ratio is currently 100.00%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AUDC shares. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of AudioCodes in a report on Wednesday, July 31st. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 11th.

About AudioCodes

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.