AudioCodes (NASDAQ:AUDC) Rating Increased to Strong-Buy at StockNews.com

AudioCodes (NASDAQ:AUDC) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Monday.

A number of other research analysts have also recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of AudioCodes in a report on Wednesday, July 31st. Barclays reduced their target price on AudioCodes from $12.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, May 8th.

AudioCodes Stock Down 4.8 %

Shares of AudioCodes stock opened at $10.22 on Monday. The company has a market cap of $309.91 million, a P/E ratio of 28.39 and a beta of 0.88. The firm’s 50 day moving average price is $10.74 and its 200-day moving average price is $11.20. AudioCodes has a 52-week low of $7.14 and a 52-week high of $14.45.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings results on Tuesday, July 30th. The communications equipment provider reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. AudioCodes had a return on equity of 10.42% and a net margin of 5.61%. The business had revenue of $60.30 million during the quarter, compared to the consensus estimate of $59.93 million. As a group, equities research analysts forecast that AudioCodes will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On AudioCodes

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of AudioCodes by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock worth $11,122,000 after buying an additional 23,104 shares during the period. Heartland Advisors Inc. raised its position in 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 acquiring an additional 13,000 shares during the period. Taylor Frigon Capital Management LLC lifted its holdings in AudioCodes by 85.3% during the second quarter. Taylor Frigon Capital Management LLC now owns 441,878 shares of the communications equipment provider’s stock valued at $4,587,000 after purchasing an additional 203,399 shares in the last quarter. ARK Investment Management LLC lifted its holdings 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. Finally, Essex Investment Management Co. LLC grew its position in shares of AudioCodes by 1.6% in the first quarter. Essex Investment Management Co. LLC now owns 174,521 shares of the communications equipment provider’s stock valued at $2,276,000 after purchasing an additional 2,702 shares during the period. Hedge funds and other institutional investors own 68.05% of the company’s stock.

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.