AudioCodes Ltd. (AUDC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of AudioCodes Ltd. (NASDAQ:AUDC) from a hold rating to a buy rating in a research report report published on Monday morning. The firm currently has $7.75 price objective on the communications equipment provider’s stock.

According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “

A number of other equities analysts have also commented on AUDC. TheStreet downgraded shares of AudioCodes from a b- rating to a c+ rating in a research report on Wednesday, June 28th. Northland Securities set a $7.00 target price on shares of AudioCodes and gave the stock a hold rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $7.58.

Shares of AudioCodes (NASDAQ:AUDC) traded down 1.0234% on Monday, reaching $6.7799. The company had a trading volume of 54,179 shares. The company has a market capitalization of $214.22 million, a P/E ratio of 12.6020 and a beta of 0.56. AudioCodes has a 52 week low of $4.05 and a 52 week high of $7.26. The company has a 50 day moving average of $6.39 and a 200-day moving average of $6.59.

AudioCodes (NASDAQ:AUDC) last issued its earnings results on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.08. The firm had revenue of $38.70 million during the quarter, compared to analysts’ expectations of $38.23 million. AudioCodes had a net margin of 11.95% and a return on equity of 7.77%. During the same period last year, the firm posted $0.06 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. Analysts predict that AudioCodes will post $0.35 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in AUDC. Morgan Stanley raised its stake in AudioCodes by 13.6% in the first quarter. Morgan Stanley now owns 1,505,906 shares of the communications equipment provider’s stock valued at $10,556,000 after buying an additional 180,860 shares in the last quarter. Acadian Asset Management LLC raised its stake in AudioCodes by 8.9% in the second quarter. Acadian Asset Management LLC now owns 694,228 shares of the communications equipment provider’s stock valued at $4,157,000 after buying an additional 56,674 shares in the last quarter. Norges Bank bought a new stake in AudioCodes during the fourth quarter valued at about $2,940,000. Renaissance Technologies LLC raised its stake in AudioCodes by 62.8% in the fourth quarter. Renaissance Technologies LLC now owns 371,272 shares of the communications equipment provider’s stock valued at $2,358,000 after buying an additional 143,262 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its stake in AudioCodes by 34.0% in the first quarter. State of Tennessee Treasury Department now owns 116,102 shares of the communications equipment provider’s stock valued at $814,000 after buying an additional 29,482 shares in the last quarter. Hedge funds and other institutional investors own 28.87% of the company’s stock.

About AudioCodes

AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.

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