AudioCodes (NASDAQ:AUDC) Cut to Buy at StockNews.com

StockNews.com downgraded shares of AudioCodes (NASDAQ:AUDC) from a strong-buy rating to a buy rating in a report released on Thursday.

Several other equities research analysts have also recently issued reports on the stock. Needham & Company LLC decreased their price target on shares of AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday. Barclays reduced their price target on AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Thursday.

AudioCodes Stock Performance

NASDAQ AUDC traded down $0.27 during trading hours on Thursday, reaching $8.08. The company’s stock had a trading volume of 61,455 shares, compared to its average volume of 78,421. The company’s 50-day moving average is $9.48 and its two-hundred day moving average is $10.13. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45. The stock has a market cap of $244.15 million, a PE ratio of 20.60 and a beta of 0.86.

Institutional Investors Weigh In On AudioCodes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AUDC. BNP Paribas Financial Markets boosted its holdings in AudioCodes by 15.3% in the first quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider’s stock valued at $1,233,000 after purchasing an additional 12,541 shares during the last quarter. Heartland Advisors Inc. increased its holdings in AudioCodes by 1.6% during the 1st 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 last quarter. Vanguard Group Inc. raised its position in shares of AudioCodes by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock valued at $11,122,000 after purchasing an additional 23,104 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of AudioCodes during the 1st quarter valued at approximately $159,000. Finally, Quadrature Capital Ltd increased its stake in shares of AudioCodes by 26.8% in the first quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock worth $228,000 after buying an additional 3,691 shares during the last quarter. Hedge funds and other institutional investors own 68.05% of the company’s stock.

AudioCodes Company Profile

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.