AudioCodes (NASDAQ:AUDC) Price Target Lowered to $11.00 at Needham & Company LLC

AudioCodes (NASDAQ:AUDC) had its price target dropped by investment analysts at Needham & Company LLC from $14.00 to $11.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 33.66% from the company’s current price.

A number of other analysts also recently weighed in on AUDC. Barclays cut their price target on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Thursday. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 11th.

AudioCodes Stock Performance

AudioCodes stock traded up $0.45 during trading hours on Thursday, reaching $8.23. 236,461 shares of the company’s stock traded hands, compared to its average volume of 78,298. The firm has a market capitalization of $248.71 million, a price-to-earnings ratio of 18.29 and a beta of 0.86. The firm’s 50 day moving average is $9.53 and its 200-day moving average is $10.14. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45.

AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings results on Wednesday, November 6th. The communications equipment provider reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $60.24 million during the quarter, compared to analyst estimates of $61.58 million. AudioCodes had a net margin of 5.61% and a return on equity of 10.42%. Analysts predict that AudioCodes will post 0.67 EPS for the current year.

Institutional Investors Weigh In On AudioCodes

Several large investors have recently modified their holdings of AUDC. BNP Paribas Financial Markets increased its position in shares of AudioCodes by 15.3% during the first quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider’s stock worth $1,233,000 after buying an additional 12,541 shares during the period. Heartland Advisors Inc. grew its holdings in AudioCodes by 1.6% in 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. Vanguard Group Inc. grew its holdings in AudioCodes by 2.8% in the first quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock worth $11,122,000 after purchasing an additional 23,104 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in AudioCodes in the first quarter worth $159,000. Finally, Quadrature Capital Ltd grew its holdings in 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 purchasing an additional 3,691 shares during the period. 68.05% of the stock is currently owned by institutional investors and hedge funds.

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.