Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Drops By 36.9%

AudioCodes Ltd. (NASDAQ:AUDC) saw a large decline in short interest in December. As of December 15th, there was short interest totalling 139,600 shares, a decline of 36.9% from the November 30th total of 221,200 shares. Based on an average daily volume of 80,300 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.7% of the shares of the company are short sold.

Hedge Funds Weigh In On AudioCodes

Hedge funds and other institutional investors have recently bought and sold shares of the company. Senvest Management LLC grew its holdings in AudioCodes by 1.5% in the third quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after purchasing an additional 37,080 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes in the 3rd quarter worth about $1,618,000. Y.D. More Investments Ltd acquired a new stake in AudioCodes in the 2nd quarter valued at about $1,123,000. JPMorgan Chase & Co. increased its holdings in AudioCodes by 95.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 104,037 shares of the communications equipment provider’s stock valued at $1,012,000 after acquiring an additional 50,704 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of AudioCodes by 11.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after purchasing an additional 9,150 shares in the last quarter. 68.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AUDC has been the subject of a number of analyst reports. Needham & Company LLC cut their target price on AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Monday, December 16th. Finally, Barclays decreased their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th.

AudioCodes Trading Down 1.2 %

Shares of NASDAQ:AUDC traded down $0.11 during trading on Friday, hitting $9.43. 51,584 shares of the stock were exchanged, compared to its average volume of 77,920. The company has a market cap of $284.95 million, a PE ratio of 23.58 and a beta of 0.84. The company has a fifty day moving average price of $9.11 and a two-hundred day moving average price of $9.84. AudioCodes has a 12-month low of $7.70 and a 12-month high of $14.45.

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.