AudioCodes (NASDAQ:AUDC) Price Target Raised to $10.00 at Barclays

AudioCodes (NASDAQ:AUDC) had its price objective boosted by stock analysts at Barclays from $9.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the communications equipment provider’s stock. Barclays‘s price objective points to a potential downside of 6.19% from the company’s previous close.

AUDC has been the subject of several other reports. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of AudioCodes in a research note on Tuesday, January 21st.

AudioCodes Stock Performance

AudioCodes stock opened at $10.66 on Wednesday. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45. The stock has a fifty day moving average of $9.86 and a two-hundred day moving average of $9.80. The company has a market capitalization of $322.15 million, a price-to-earnings ratio of 26.65 and a beta of 0.80.

AudioCodes (NASDAQ:AUDC) last released its earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 earnings per share (EPS) for the quarter, beating 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%. On average, analysts forecast that AudioCodes will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On AudioCodes

Hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of AudioCodes during the 3rd quarter worth $1,618,000. JPMorgan Chase & Co. grew its position in AudioCodes by 95.1% during the third 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 during the period. Public Employees Retirement System of Ohio acquired a new stake in AudioCodes during the third quarter worth about $595,000. Marshall Wace LLP lifted its stake in shares of AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after purchasing an additional 7,009 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of AudioCodes by 11.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock worth $893,000 after purchasing an additional 9,150 shares during the period. Institutional investors and hedge funds 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.