AudioCodes (NASDAQ:AUDC) Lowered to “Buy” Rating by StockNews.com

AudioCodes (NASDAQ:AUDC) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.

A number of other equities research analysts have also commented on the company. Needham & Company LLC lowered their price target on AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday. Barclays lowered their price target on AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Thursday.

AudioCodes Trading Up 7.3 %

Shares of AUDC traded up $0.57 during trading hours on Thursday, reaching $8.35. The stock had a trading volume of 281,194 shares, compared to its average volume of 75,452. AudioCodes has a 12 month low of $7.70 and a 12 month high of $14.45. The firm has a 50-day simple moving average of $9.48 and a 200 day simple moving average of $10.13. The company has a market capitalization of $252.34 million, a price-to-earnings ratio of 18.56 and a beta of 0.86.

Institutional Investors Weigh In On AudioCodes

Institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes during the 3rd quarter valued at $1,618,000. Y.D. More Investments Ltd bought a new position in AudioCodes in the 2nd quarter worth about $1,123,000. BNP Paribas Financial Markets boosted its stake in AudioCodes by 15.3% in the 1st quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider’s stock worth $1,233,000 after purchasing an additional 12,541 shares during the period. Marshall Wace LLP boosted its stake in AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after purchasing an additional 7,009 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of AudioCodes by 11.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock valued at $551,000 after acquiring an additional 5,389 shares during the last quarter. 68.05% of the stock is owned by hedge funds and other institutional investors.

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.