StockNews.com Upgrades AudioCodes (NASDAQ:AUDC) to Strong-Buy

AudioCodes (NASDAQ:AUDC) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of AudioCodes in a report on Wednesday, July 31st.

AudioCodes Price Performance

Shares of AudioCodes stock opened at $9.72 on Wednesday. The firm’s fifty day simple moving average is $10.65 and its 200-day simple moving average is $11.06. AudioCodes has a 12 month low of $7.14 and a 12 month high of $14.45. The stock has a market capitalization of $294.75 million, a price-to-earnings ratio of 27.00 and a beta of 0.87.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in AudioCodes during the 2nd quarter valued at about $143,000. Hillsdale Investment Management Inc. acquired a new position in shares of AudioCodes during the 1st quarter worth approximately $159,000. Quadrature Capital Ltd purchased a new stake in AudioCodes in the 4th quarter valued at approximately $166,000. New York State Common Retirement Fund grew its holdings in AudioCodes by 163.8% during the 4th quarter. New York State Common Retirement Fund now owns 15,828 shares of the communications equipment provider’s stock valued at $191,000 after buying an additional 9,827 shares during the last quarter. Finally, Marshall Wace LLP increased its position in AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after buying an additional 7,009 shares in the last quarter. 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.