AudioCodes (NASDAQ:AUDC) Given New $12.50 Price Target at Needham & Company LLC

AudioCodes (NASDAQ:AUDC) had its target price hoisted by Needham & Company LLC from $11.00 to $12.50 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Barclays upped their price target on AudioCodes from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Wednesday.

AudioCodes Stock Up 6.6 %

NASDAQ:AUDC opened at $11.36 on Wednesday. The company has a market cap of $343.27 million, a P/E ratio of 28.40 and a beta of 0.80. The firm’s 50 day moving average is $9.86 and its two-hundred day moving average is $9.80. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45.

AudioCodes (NASDAQ:AUDC) last posted its earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. AudioCodes had a net margin of 4.99% and a return on equity of 8.85%. Research analysts forecast that AudioCodes will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of AudioCodes

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP increased its holdings in AudioCodes by 37.5% during 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 last quarter. Assenagon Asset Management S.A. bought a new stake in shares of AudioCodes in the third quarter worth $1,618,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in 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 acquiring an additional 9,150 shares in the last quarter. Senvest Management LLC boosted its stake in AudioCodes by 1.5% during the 3rd quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after acquiring an additional 37,080 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in AudioCodes during the 3rd quarter valued at $595,000. 68.05% of the stock is owned by hedge funds and other institutional investors.

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.